Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 35b failure to furnish returns of net wealth Page 38 of about 465 results (0.364 seconds)

Tube Investments of India Ltd. Vs. Commissioner of Wealth-tax

Court : Chennai

Reported in : [1969]72ITR359(Mad)

..... the wealth-tax officer declined to allow the claim and considered that the valuation being under section 7(2)(a) of the wealth-tax act, 1957, he could only adopt the valuation shown in the books and the balance-sheet as on june 30, 1956, and that the assessee would not be entitled to any adjustment. ..... 38,42,337 as a deduction under section 7(2) of the wealth-tax act, being the difference between the book value and the written down value of the buildings, plant and machinery as on the valuation date, june 30, 1957, and of rs. ..... 34,15,086 as a deduction under section 7(2) of the wealth-tax act, being the difference between the book value and the written down value of the buildings, plant and machinery, as on the valuation date june 30, 1956 ? 2. ..... these are references under section 27(1) of the wealth-tax act. ..... , who delivered the minority judgment, concurred with that opinion and pointed out (at page 792) :' the legislature has, therefore, provided in sub-section (2)(a) that where the assessee is carrying on a business for which accounts are maintained by him regularly, the wealth-tax officer may determine the net value of the assets of the business as a whole, having regard to the balance-sheet of such business as on the valuation date and make such adjustments therein as the circumstances ..... the assessee adopted the written down value in its return for wealth-tax and claimed, so to speak, a deduction of the difference between the written value and the book value of the assets. .....

T.K. Roy, Vs. Commissioner of Wealth-tax

Court : Guwahati

..... under section 35b of the act, wilful failure to furnish, in due time, the return of net wealth which a person is required to furnish under sub-section (1) of section 14 or by notice given under sub-section (2) of section 14 of the act has, inter alia, been made punishable.24. ..... 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 (1) or subsection (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; or......he or it may, by order in writing direct that such person shall pay by way of penalty-- (i) in the case referred to in clause (a), in addition to the amount of wealth-tax payable by him, a sum not exceeding one ..... act', 1957 (hereinafter called 'the act'), to furnish to the wealth-tax officer (hereinafter called 'w.t.o. ..... . these three references by the tribunal under section 27(1) of the wealth-tax act, 1957, hereinafter referred to as the act, are being disposed of by this common judgment as the question of law arising in them are similar.62 ..... act, 1957, by the income-tax tribunal, gauhati, in which a common question of law is involved, may be disposed of by this common judgment.36. .....

Commissioner of Wealth-tax, Bombay Vs. Raghuvanshi Mills Ltd.

Court : Mumbai

Reported in : [1976]104ITR544(Bom)

..... the supreme court held that by virtue of section of the wealth-tax act, 1957, the liability to pay wealth-tax becomes crystallised on the valuation date and not on the first day of the assessment year, though the tax is levied and become payable in the relevant ..... provision for wealth-tax liability and the question is as under :- 'whether, in computing the net wealth of the assessee for the valuation date march 31, 1958, the provision for wealth-tax liability for assessment year 1958-59 could be deducted as a debt owed on the valuation date within the meaning of section (2) of the wealth-tax act ?' 7. ..... (2) notwithstanding anything contained in sub-section (1), - (a) where the assessee is carrying on a business for which accounts are maintained by him regularly, the wealth-tax officer may, instead of determining separately the value of each asset held by the assessee in such business, determine the net value of the assets of the business as a whole having regard to the balance-sheet of such business as on valuation date and making such adjustments therein as ..... was entitled to claim deduction of the amount of accumulated depreciation allowance on its fixed assets, not written off in the books but allowed by the department in the income-tax assessments, for the purposes of computing the net wealth under section 7 of the act; that the mere fact that in the balance-sheet the fixed assets were shown at the book value and the depreciation had not been accounted for by setting up a .....

Trustees of Putlibai R.F. Mulla Trust Vs. Commissioner of Wealth-tax

Court : Mumbai

Reported in : [1967]66ITR653(Bom)

..... the matter had previously come before this court upon a reference and at that stage all the tax authorities and the tribunal had taken the view that the assessment of the wealth in the hands of the trustees should be made under the provisions of section 21(4) of the wealth-tax act, 1957, and it could not be made under section 21(1) as the assessees desired it to be. ..... has held as follows : 'it seems to us, having regard to the clause (c) to (g) of the trust deed, the shares of the persons on whose behalf the assets were held by the trustees were determinate and known for the purposes of section 21(4) of the wealth-tax act on any of the valuation dates relevant to the assessment years in question..... ..... at any rate, it seems to us unnecessary to go into this fine distinction, for the words of section 21 read with section 3 of the wealth-tax act are clear enough. ..... section 3 is the charging section and it provides : 'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from the first day of april, 1957, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule.' 14. ..... whether the assessment of the trustees under section 21(4) of the wealth-tax act is valid in law and 2. ..... , that the assessments should be made under section 21(4) of the wealth-tax act. .....

Commissioner of Wealth-tax, Andhra Pradesh Vs. Narendra Ranjalker

Court : Andhra Pradesh

Reported in : [1981]129ITR203(AP)

..... 75,000 is liable to be excluded from the computation of the net wealth for the assessment year 1973-74 by invoking the provisions of section 5(1) of the wealth-tax act to a fir ?' 7. ..... by the commissioner, the tribunal referred the following question for the opinion of the high court : 'whether, on the facts and in the circumstances of the case, the assessee partner is entitled for the exemption under section 5(1)(xxvi) of the wealth-tax act. ..... act is the charging section and provides that subject to the other provisions contained in the act, there shall be charged for every assessment year, a tax (hereinafter referred to as 'the wealth-tax') in respect of the net wealth on the corresponding valuation date of every individual, huf and company at the rate or rates specified in in the schedule. ..... for determining the interest of the assessee in the firm for the purpose of wealth-tax assessment for the assessment year 1973-74 the assessee's representative computed the net wealth of the firm and while doing so, he excluded from computation, fixed deposits and shares owned by the firm to the extent of rs. ..... rules, 1957, the first step that the wto was to take was to determine the net wealth of the assessee-firm. ..... rules, 1957, as well as by reason of the well-established rules of interpretation. ..... 1957, in respect of bank deposits made by the firm ?' 5. w. t. c. no. .....

Surjit Singh Vs. Commissioner of Income-tax/Wealth-tax and anr.

Court : Punjab and Haryana

Reported in : [1986]161ITR1(P& H)

..... for the assessment year 1975-76, he submitted his wealth-tax return on december 24, 1976, in the status of a hindu undivided family, for self and for his wife as he was married on march 2, 1975, without receiving any notice under section 14(2) or 17 of the act showing net wealth of rs. ..... 1--that the notice under section 14(2) or section 17 of the act, though issued to the petitioner, had not been served on him or that the revised return had been filed by him after the valuation of agricultural lands had been enhanced in the wealth-tax cases of his mother and sister or that an enquiry as regards the valuation had been directed by the wealth-tax officer to the patwari are extraneous considerations and are collateral in nature. ..... for the assessment year 1976-77, without receiving any notice under section 14(2) of the act, he suo motu submitted his wealth-tax return on december 24, 1976, showing net wealth of rs. ..... however, with regard to the assessment year 1973-74, without having received any notice under section 14(2) or 17 of the act, he suo motu submitted his wealth-tax return on august 13, 1974, showing net wealth of rs. ..... the wealth-tax officer issued a notice to the petitioner under section 17 of the wealth-tax act under date october 30, 1972/november 22, 1972, which was served on him on april 22, 1974. ..... 1,48,000 and penalty proceedings under section 18(1)(a) of the wealth-tax act, 1957 (hereinafter called 'the act'), were started against him. .....

Union of India Vs. Harbhajan Singh Dhillon

Court : Supreme Court of India

Reported in : AIR1972SC1061; [1972]83ITR582(SC); (1971)2SCC779; [1972]2SCR33

..... . 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 constitution ..... 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 .....

Commissioner of Wealth Tax, Calcutta Vs. Tungabadra Industries Ltd., C ...

Court : Supreme Court of India

Reported in : AIR1970SC352; [1970]75ITR196(SC); (1969)2SCC528; [1970]1SCR789

..... value thereof for all the years under appeal....at the instance of the commissioner of income-tax the appellate tribunal stated a case to the high court under section 27(1) of the act on the following question of law :-whether on the facts and in the circumstances of the case, for the purpose of determining the net value of the assets of the assessee under section 7(2) of the wealth-tax act, 1957 the tribunal was right in directing that the written down value of the fixed assets ..... this appeal is brought by certificate granted under section 29(1) of the wealth tax act, 1957 (hereinafter referred to as the act) against the judgment of the calcutta high court dated january 29, 1965 in wealth tax matter no. ..... in the present case, therefore, the answer we have furnished to the question in the reference means that the appellate tribunal must now, in conformity with the judgment of this court, act under section 27(6) of the act, that is to say, dispose of the case after rehearing the respondent-company and the commissioner in the light of the evidence and according to law.7. ..... 60,53,811 whereas the assessee has shown in its return the value of the same at rs. .....

Commissioner of Wealth-tax Vs. P.K. Banerjee (Decd., by Legal Represen ...

Court : Supreme Court of India

Reported in : AIR1981SC401; (1980)19CTR(SC)376; [1980]125ITR641(SC); (1981)1SCC63; [1981]1SCR657; 1980(12)LC934(SC)

..... the facts of the case may be briefly stated thus : the income-tax appellate tribunal, allahabad bench, allahabad referred under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') to the high court of allahabad for its opinion the following question of law arising out of the assessment orders made under the act in respect of the assessment years 1957-58 to 1961-62 :whether the interest of the assessee in the trust fund amounted to an annuity exempt under section 2(e)(iv) of the wealth-tax act?3. ..... assessee was title sole beneficiary of the net income derived from trust fund; (4) that he had under the trust deed the right of appointment of his successors under certain circumstances and (5) that the trustees had the power to invest the ..... 's death, the assesee should be the sole beneficiary of the net income from the trust fund during his (assessee's) life-time (2) that the assessee had been treating himself, as the owner of the trust fund for purposes of income-tax payable by him and had been declaring the income of the trust as his own income and claiming in his own income-tax returns deduction for tax paid at source by the trust; (3) that in fact the .....

A.V. Reddy Trust and ors. Vs. Commissioner of Wealth Tax

Court : Supreme Court of India

Reported in : AIR1999SC3352; (1999)156CTR(SC)553; [1999]240ITR409(SC); JT1999(8)SC155; 1999(6)SCALE494; (1999)8SCC243; [1999]Supp3SCR580

..... 37-40 of 1983 in reference made to the high court under section 27 of the wealth tax act, 1957. ..... in our view, there is much substance in the contention raised by the learned counsel for the appellant because after arriving at the conclusion to the effect that wealth tax assessment is required to be made under section 21(2) of the wealth tax act, the court erroneously held that it is to be assessed on the entire value of the trust fund in the status of an individual and the said directions are contrary to the ratio laid down in nizam's family trust case (supra).8. ..... reddy filed the wealth-tax returns for the four trusts showing the entire value of assets held by the trust for the purpose of wealth tax assessment. ..... the income-tax appellate tribunal referred the following question for decision in all the four cases:whether on the facts and in the circumstances of the case, the tribunal was justified in holding that only the value of the interest of the beneficiary in the trust could be included in the net wealth and not the value of the corpus of the trust itself.3. ..... (c) under the scheme of section 21, the revenue has two modes of assessment available for assessing the interest of a beneficiary in the trust properties; it may either assess such interest in the hands of the trustee in a representative capacity under sub-section (1) or assess it directly in the hands of the beneficiary by including it in the net wealth of the beneficiary. .....