Court : Delhi
Reported in : ILR1971Delhi191; [1971]81ITR111(Delhi)
..... (5) one of the questions for consideration before the supreme court in that case was- whether, on the facts and in the circumstances of the case, in computing the net wealth of the assessed, the amount of the provision for payment of income-tax and super-tax in respect of the year of account was a debt owed within the meaning of section 2(m) of the wealth-tax act, 1957, and as such deductible in computing the net wealth of the assessed (6) subba rao j. ..... 6,859.06 which was the income-tax and valuation date, was debt owed within the meaning of section 2 of the wealth-tax act, 1957 (2) the facts relevant to the first question may be briefly stated: smt. ..... for in the p & l account and balance-sheet of the said company but which was actually levied on the company after the valuation date could be said to be a part of the total debt owed within the meaning of section 2(m) of the wealth-tax act, 1957 while arriving at the market price of the shares of the said company within the meaning of section 7(1) of the act 2. ..... (1) the income tax appellate tribunal (delhi bench 'b ) (hereinafter referred to as the tribunal) has referred the following two questions to this court under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as the act) :- 1. .....
Tag this Judgment!Court : Gujarat
Reported in : [1974]95ITR326(Guj)
..... it is, therefore, not conceivable that, when the legislature put the estate duty act, in 1953, or the wealth-tax act in 1957, or the expenditure-tax act in 1957 on the statute book, it was not aware of the role of the appellate assistant commissioner and his powers and functions in exercise of his appellate powers. ..... hardutroy motilal chamaria, the court was concerned with the question, whether the appellate assistant commissioner is entitled to travel outside the record, that is, returns made by the assessee or the assessment order of the income-tax officer, with a view to find out new sources of income and whether the power of enhancement under section 31(3) of the indian income-tax act, 1922, is restricted to the sources of income which had been the subject-matter of consideration by the income ..... it appears that in the assessment of the respective respondents-assessees under the wealth-tax act for the respective assessment years, a claim was made on behalf of the assessees that the valuation of certain pieces of their land should not be included in the computation of the net wealth, they being agricultural land. .....
Tag this Judgment!Court : Gujarat
Reported in : [1966]61ITR66(Guj)
..... to wealth-tax under the wealth-tax act, 1957, and the assessment year under reference common to both is 1958-59 and the relevant valuation date relating to both is december 31, 1957. 2 ..... ' one of the contentions raised in the petitione was that sub-section (4) of section 21 of the wealth-tax act applied to the facts of the case and that contention was founded on the basis that the shares of persons on whose behalf the assets were ..... sub-sections (1) and (4) of section 21 being similar to that in sub-section (1) of section 41 and the first proviso thereof, there is no reason why the same interpretation should not apply to the provision of sub-section (1) and (4) of the wealth-tax act. ..... the relevant part of sub-section (1) of that section provides that in the case of assets chargeable to tax launder this act which are held amongst other persons by a trustee appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise, the wealth-tax shall be levied upon and recoverable from the trustee 'in the like manner and to the same extent as it would be leviable upon and recoverable from the person on ..... section 3 is the charging section and provides that, subject to the other provisions contained in the act, there shall be charged for every financial year commencing on and from the first day of april, 1957, a tax in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or .....
Tag this Judgment!Court : Gujarat
Reported in : [1977]106ITR512(Guj)
..... this reference, made at the instance of the assessee under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act'), relates to the assessment to wealth-tax made on the assessee for the assessment years 1963-64 and 1964-65, in respect of certain properties which devolved upon him under a will and the principal considerations is : 'whether, on the facts and in the circumstances of the ..... facts and circumstances of the case, the tribunal was right in law in holding that the properties bequeathed to the assessee under the will dated october 6, 1956, executed by his grand-father are includible in the net wealth of the assessee under the wealth-tax act, 1957 ?' 11. ..... for the two assessment years in question, sakarlal balabhai, describing himself as the legal representative of balabhai damodardas furnished returns of wealth-tax in respect of the net wealth of deceased balabhai to the wealth-tax officer having jurisdiction in the matter. ..... still, however, the wealth-tax officer made protective assessments on the returns filed by the legal representative computing the net wealth of the deceased in the hands of the legal representative as under : assessment individual share in the totalyear properties h. u. f. ..... the return showed the net wealth of deceased balabhai held by him in his individuals capacity as well as his one-half share in the coparcenary properties of the hindu undivided family. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]103ITR763(Guj)
..... the first petitioner submitted the returns of net wealth for the assessment years 1961-62 to 1964-65 and at the time of assessment she had a specific and determinable share in the trust properties and her interest in the trust funds was not an asset within the meaning of section 2(e) of the act but her interest in the trust funds was a right to an annuity which could not be included in the net wealth of the petitioner. ..... in the light of this decision the tribunal could not have gone into the question whether the trustees were liable to assessed under section 21(4) of the act or whether they should have been assessed under section 21(4) of the act because against the decision of the wealth-tax officer, the trustees had not questioned the decision of the wealth-tax officer on this particular point when the appeal was heard by the appellate commissioner. 4. ..... the question about the liability of the trustees to be assessed under section 21(4) of the wealth-tax act is concluded against them by reason of what happened before the appellate assistant commissioner at the stage of the appeal before that officer, the question has to be considered so far as the individual assessment of the first petitioner is concerned, namely, whether her interest in these very trust properties having suffered assessment to wealth-tax in the hands of the trustees in their representative capacity could again .....
Tag this Judgment!Court : Rajasthan
Reported in : 2002(1)WLN507
..... the objection relating to the assessment of wealth of any individual or huf or a company, as the case may be, under the provision of wealth tax act as well as about the evidentiary value of report of the departmental valuation officer even in the case reference to such officer under section 16a is found to be outside its purview, for the purpose of valuating the correctness of the returned value of any asset does not loses its evidentiary value as an expert opinion. ..... the provisions of wealth tax act reveals that section 3 of the act which is charging section levies wealth tax on the 'net-wealth' on the corresponding valuation date only in the case of individual, huf and company. ..... the reference in each case, made by the income tax tribunal, relates to the assessment years 1980-81 to 1986-87 in connection with (he proceedings under the wealth tax act, 1957. ..... whether assessment is made under sub-section (i) of section 16 by accepting the correctness of the information furnished by the assessee without calling upon the assessee or after calling upon the assessee framing of assessment taken place under sub section (3) of that section on the basis of result of hearing it does not make any difference so far as its efficacy as regular assessment under section 16 is concerned. .....
Tag this Judgment!Court : Chennai
Reported in : [1969]72ITR741(Mad)
..... these petitions for certiorari and prohibition raise a question of the constitutional vires of the wealth-tax act, 1957, in so far as it imposes an annual tax in respect of the net wealth, particularly buildings. ..... though, originally, the petitioner attacked the validity of sections 3 and 4 of the act as making an arbitrary classification in the matter of incidence or of the burden of the tax and selection of persons for purposes of wealth-tax, the argument has not been pursued but abandoned before us. ..... he seems to think that annual tax on wealth is some sort of a supplement to tax on income, for, in his view, if a property does not yield money income, it must either yield an equivalent psychic income to the owner or it must be held in the expectation of a certain appreciation in value which makes it at least as attractive to the holder as other property on which a current money return is obtained. ..... on december 6, 1961, october 29, 1962, and september 29, 1963, the petitioner filed his returns for the subsequent years 1961-62, 1962-63 and 1963-64 in which he declared these buildings as part of his taxable assets. ..... on november 3, 1961, an assessment order was made by the respondent more or less on the basis of the return, practically accepting the value of the buildings as given by the petitioner. ..... for the assessment year 1960-61, he apparently filed on january 25, 1961, a return disclosing total assets valued at rs. .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR704(Mad)
..... it is true that after the completion of the original assessments under the wealth-tax act, for the assessment years 1981-82 to 1983-84, the commissioner of wealth-tax revised the assessment orders under section 25 of the wealth-tax act, 1957. ..... the second respondent thereafter invoked the provisions of section 16a of the wealth-tax act, 1957, and referred the valuation of the immovable property owned by the firm at no. ..... , with effect from april 1, 1989, has no application to the present case, that the decisions relied on by the petitioner have no application to the facts of the present case, that the provisions contained in schedule iii to the wealth-tax act, 1957, are substantive provisions and they are only prospective and applicable to future assessment years after tbeir introduction and that in the impugned orders the first respondent has fixed the market value of the ..... however, subsequently, certain additions were made to the wealth returned by the petitioners for the said assessment years and the net wealth was determined by the wealth-tax officer. ..... pursuant to the reference under section 16a, the first respondent issued notice on june 21, 1989, calling for the relevant documents of the property and the petitioners replied stating that all the documents had been furnished in connection with the valuation of the property for other co-owners. .....
Tag this Judgment!Court : Chennai
Reported in : (2003)180CTR(Mad)178
..... buildings used by the company as factory, godown, warehouse, hotel or office for the purposes of its business or as residential accommodation for its low paid employees will be excluded from net wealth'.a reading of the speech of the finance minister shows that section 40 of the finance act was introduced as a tax avoidance measure and the sub section (3) of section 40 of the finance act shows that the levy of wealth tax is not confined to assets transferred to closely held companies by the director of the company or his relatives. ..... the question of law referred by the income tax appellate tribunal under the wealth tax act reads as under:-whether on the facts and in the circumstances of the case the appellate tribunal is right in law in holding that property let out by the assessee was not an asset exigible to wealth tax within the meaning of section 40(3)(vi) of finance act, 1983?2. t.c. ..... the levy of wealth tax on companies was introduced in the year 1957. ..... subsequently it filed a revised return claiming that the building asoka plaza owned by the assessee was not exigible to wealth tax under section 40 of the finance act 1983, since the same was intended for running a hotel. ..... the kerala high court held that the such land would fall within the definition of the expression 'business premises' as defined in rule 1(i) para b, part i of the schedule to the wealth tax act, 1957. .....
Tag this Judgment!Court : Karnataka
Reported in : ILR1986KAR1116
..... 1,69,950/-representing the loan taken from the life insurance corporation of india on insurance policies in view of the provisions of section 2(m)(ii) of the wealth tax act, 1957?in order to appreciate the question of law referred to us, it is necessary to notice the facts of the case in the first instance.2. ..... section 5(1)(vi) of the act regulating exemption in respect of insurance policies reads thus :'5(1) subject to the provisions of sub-section (1a) wealth tax shall not be payable by an assesses in respect of the following assets, and such assets shall not be included in the net wealth of the assesses.xx xx xx(vi) the right to interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the assessee. ..... the assesses is a hindu undivided family ('huf') for the assessment year 1974-75 relevant to the valuation date being 31-3-1974, the assessee filed his return under the act before the wealth tax officer, mercara ('wto') inter alia claiming a sum of rs. ..... the amendments made to section 2(m) of the act by the wealth-tax (amendment) act of 1964 on which also reliance was placed by sri sarangan as pointed out by the high court of madras & gujarat in srinivasan's : [1980]123itr464(mad) & apoorva shantilal's3 cases, with with we are in respectful agreement, bad not really made any changes either in the scheme of the act or in the determination of net wealth. .....
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