Court : Kolkata
Reported in : [1991]192ITR103(Cal)
..... in this reference under section 27(1) of the wealth-tax act, 1957, for the assessment years 1968-69 and 1969-70, the following question of law has been referred to this court;'whether, on the facts and in the circumstances of the case, the assessee is entitled to exemption under section 5(1)(iv) in the manner claimed by the assessee ..... other limb of this question is whether the assessee, not having claimed exemption before the wealth-tax officer in the original assessment, was precluded from claiming such benefit in the reassessment proceedings ..... assistant commissioner rejected the claim on the ground that the assessee did not claim the exemption before the wealth-tax officer and that the assessee is otherwise not entitled to make a claim in the reassessment proceedings.4. ..... subsequently, the income-tax officer came to know that one of the properties which the said firm was having is a flat which was valued at a lower figure, according to the wealth-tax officer as per the assessment of ..... consequently, the assessment of the assessee was reopened under section 17(1)(b) of the act in order to enhance the share of the assessee in the said partnership firm by taking a higher valuation of the ..... , therefore, of the view that the tribunal is justified in holding that the assessee is entitled to exemption under section 5(1)(iv) of the act. ..... whether the assessee, being a partner of a firm which owns a flat, can, in her own individual assessment, get exemption under section 5(1)(iv) of the act. .....
Tag this Judgment!Court : Chennai
Reported in : [1985]151ITR144(Mad)
..... in holding that the income-tax officer did not have jurisdiction under section 35 to rectify the original order (v) whether, on the facts and in the circumstances of the case, the tribunal was right in law ..... holding that the order passed under section 27(2) is valid and correct in the eye of law (ii) whether the tribunal was right is holding that the order of the wealth-tax officer under section 35 is wrong (iii) whether the tribunal was right in holding that the mistake of fixing the market value of the lands without considering the impact of the tamil nadu land reforms act, cannot be rectified under section 35 of the wealth-tax act (iv) whether the tribunal was right ..... in holding and had sufficient materials to hold that the order under section 35 was passed on the basis of fresh materials which were not available at the time ..... for the assessment year 1971-72, the wealth-tax assessment was completed adopting the market value of the agricultural lands .....
Tag this Judgment!Court : Kolkata
Reported in : [1983]143ITR948(Cal)
..... the tribunal was correct in holding that the penalty payable under section 18(1)(a)of the wealth-tax act, 1957, should be computed on the basis of theamount of tax payable on the date of imposition of penalty and not onthe basis of the amount of tax payable as per demand notice under section 30 ofthe said act?'5. ..... : [1971]80itr14(cal) , gave a direction to the wto to verify whether the wealth-tax for the assessment year under consideration was paid and, if so, whether there was any justification ..... the return of net wealth for the said assessment year was due for submission on or before 30th june, 19,66, but was actually ..... act, 1957 :' whether, on the facts and in the circumstances of the case and ona correct understanding of the decision of the supreme court in the caseof commissioner of income-tax ..... the return was filed late, penalty proceeding under section 18(1)(a) ..... words ' the tax ' occurring in the latter part of the provision also refer to the amount of tax referred to in the earlier part, namely, the amount of tax mentioned in the demand notice issued under section 156. ..... cons of the contentions, the supreme court ultimately held that the phrase 'the amount of the tax, if any, payable by him' occurring in that section refers to the tax payable for which a demand notice is issued under section 156. ..... the tribunal has not, however, given the facts as to what was the amount of tax assessed on the quantum side and as to when it was paid and what was the amount mentioned in the demand .....
Tag this Judgment!Court : Chennai
Reported in : [1983]142ITR107(Mad)
..... the text of the question of law is as under : 'weather, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the concession provided under rule 3 of part ii of schedule i to the wealth-tax act, 1957, was not applicable to the assessee's case ?' 5. ..... this rule provides for the cutting down of the wealth-tax rates by one-half, in a case where the assessee is an individual who is not a citizen of india and who is also not a resident of india. ..... act, 1957. ..... this reference from the income-tax appellate tribunal is under the w.t. ..... the question relates to the applicability to the assessee, who figures in this case, of a concessional rate of tax provided for under r. 3 of pt. ..... act is familiar with three degrees of residence as applicable to an individual. ..... i to the act. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1981SC1106; (1981)21CTR(SC)349; [1981]129ITR328(SC); 1981(1)SCALE729; (1981)2SCC790; [1981]3SCR419; 1981(13)LC555(SC)
..... (1) if the wealth-tax officer, appellate assistant commissioner, commissioner or appellate tribunal in the course of any proceedings under this act is satisfied that any person-(a) has without reasonable cause failed to furnish the return of his net wealth which he is required to furnish under sub-section (a) of section 14 or by notice given under sub-section (2) of section 14 or section 17 or has without reasonable cause failed to furnish it within the time allowed and in the manner required by sub-section (1) of section 14 or by such notice, as the ..... by the department on the assessee under section 18(1)(a) of the wealth-tax act, 1957, for the assessment years 1964-65 and 1965 ..... kinds of omissions referred to in that clause-(i) failure to furnish the return which the assessee is required to furnish under sub-section (i) of section 14; (ii) failure to furnish the return as required by a notice issued under section 14(2) or section 17(iii) failure to furnish the return as required by section 14(1) within the time allowed and in the prescribed manner and (iv) failure to furnish the return as required by a notice issued under section 14(2) or section 17 within the time allowed and in the ..... the commissioner of wealth tax, amritsar has filed the above appeals by special leave against the judgment of the high court of punjab and haryana in a reference made under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') answering in favour of the assessee .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1987)59CTR(AP)206; [1986]157ITR555(AP); [1985]23TAXMAN197(AP)
..... we are satisfied, on looking into the materials on record, that there was omission of failure on the part of the assessee to disclose fully and truly all the material facts in the wealth-tax returns originally filed by her. ..... section 3 is the charging section, which provides for the levy of wealth-tax in respect of the 'net wealth' on the corresponding valuation date of every ..... section 2(m) defines 'net wealth' as meaning the amount by which the aggregate value computed in accordance with the provisions of the act of all the act of all the assets belonging to the assessee on valuation date is in excess of the aggregate value of all the debts owed by the assessee on the valuation date ..... that ryotwari pattas were granted in respect of the lands in question, that the lands were registered as agricultural lands in the revenue records and that land revenue was paid in respect of the lands in question, furnish the evidence that prima facie the lands were agricultural in character. ..... 17(1)(b) of the wt act, 1957 and reassessment were, therefore, not barred by the limitations (2) whether, on the facts and in the circumstances of the case, the findings of the tribunal that the lands held by the assessee within the limits of visakha ..... 5(1)(iv)(a) of the wt act, 1957 (6) whether, on the facts and in the circumstances of the case, the tribunal is right in rejecting the assessee's contention that the right to compensation was a mere inchoate right and did not become an asset belonging to the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1972SC1061a
..... . the wealth-tax act, 27 of 1957, as originally passed in september 1957, imposed, by its section 3, tax on the capital value of net wealth on the relevant valuation date of every individual, hindu undivided family and company ..... under article 248 read with entry 97 in that list.92. in view of the importance of the issues involved, the writ petition was heard by a full bench of the high court, which, by a majority of four to one, allowed it holding that section 24 of the finance act, 1969 to the extent that it included agricultural land within the definition of assets for the purposes of the wealth-tax act, 1957 was beyond the competence of parliament, and was therefore, ultra vires the constitution ..... four judges held that section 24 of the finance act, 1969, insofar as it amended the relevant provisions of the wealth tax act, 1957, was beyond the legislative competence of parliament. ..... .123. the question is; does the canadian constitution act furnish an apposite analogy and can the decisions on the interpretation of sections 91 and 92 of that act be relied on for the purpose of interpreting the scheme of distribution of legislative power in our ..... based upon capital shall be the capital value of buildings and lands as may be determined from time to time by the valuers of the municipality who were to take into consideration such reliable data as the owners or the occupiers might furnish either of their own accord or on being called upon to do .....
Tag this Judgment!Court : Delhi
Reported in : ILR1971Delhi390; [1972]84ITR323(Delhi)
..... the question referred to this court relates to the construction of section 7(2)(a) of the wealth tax act, 1957 which will hereafter be referred to as the act. ..... sharma thereforee contended that although under the general law of partnership as contained in sections 14, 15 and 46 of the indian partnership act, it could not be postulated of any partner that he had a specified share in any partnership asset, a specific provision had been made under rule 2 of the wealth tax rules, 1957 to determine the valuation of interest of an individual in a partnership firm. ..... : [1967]65itr568(cal) the wealth tax officer acting under section 7(2) of the act took for the assessment year 1957-58 the value of the assets of the assessed at rs. ..... primarily to be done by keeping in view the balance sheet of such business as on the valuation date; but since the object of the section is to find out the true value of the assets the power of the wealth tax officer is canalised and guided and he is told that his discretion is not un-fettered and that if he is of the opinion that the net value of the assets is not as shown in the balance sheet he can make such adjustments therein as the circumstances of the ..... whereas the assessed had shown in its return the value of the said assets at rs. ..... in this case, in the return for the assessment year 1958-59 the assessed had shown the total value of its fixed assets at rs. .....
Tag this Judgment!Court : Gujarat
Reported in : [1975]100ITR651(Guj)
..... subsequently, however, the petitioner came to know from a decision given by the income-tax appellate tribunal that the amounts claimed by it in respect of provision for taxation were deductible in computing the net wealth of the petitioner within the meaning of section 2(m) of the wealth-tax act, 1957, on the ground that there was an error apparent on the face of the record in each case in so far as the amounts claimed by the petitioner in respect of provision for taxation were wrongly disallowed and added back by ..... contention raised before the wealth-tax officer and the commissioner of wealth-tax was that the assessment orders in so far as they disallowed the claim for deduction in respect of the amount of provision for taxation suffered from an error of law apparent on the face of the record inasmuch as the amount of the provision for taxation was a 'debt owed' by the petitioner within the meaning of section 2(m) of the wealth-tax act, 1957, and was, therefore, deductible in computing the net wealth of the petitioner. ..... the relief sought by him has been denied by the wealth-tax officer and the commissioner of wealth-tax although he has shown that in the orders of assessment there was a mistake apparent from the record and in view of the failure of the authorities under the act to grant relief on an erroneous view of the law, a patent error of law clearly appears on the face of the record and we think this is a fit case for exercise of our discretion in favour of the petitioner. .....
Tag this Judgment!Court : Gujarat
Reported in : [1972]86ITR153(Guj)
..... . 3 in the negative by stating that the assessee cannot be assessed to wealth-tax in respect of her interest in the corpus of the trust funds under the four trust deeds dated 12th september, 1956, 12th february, 1958, 12th february, 1958 and 21st february, 1958, for the assessment year 1958-59, since the trustees of those trusts were already assessed to wealth-tax for the assessment year 1958-59 under section 21, sub-section (4), of the wealth-tax act, 1957 ..... section 3 which is the charging section levies the charge of wealth-tax on the net wealth of the assessee on the relevant valuation date and 'net wealth' is defined in section 2(m) to mean 'the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date ..... by a trust deed dated 12th september, 1956, gira sarabhai, aunt of the assessee, settled certain properties on the trusts set out in clause (2) of the trust deed which runs as follows : '(2) (a) the trustees shall pay the net income of the trust funds to the said manna daughter of the settlor's brother gautam sarabhai until she attains the age of thirty years provided however that during the minority of the said manna the .....
Tag this Judgment!