Court : Kerala
Reported in : AIR1965Ker209; [1964]54ITR587(Ker)
..... the question whether the liability for income taxation can be deducted before arriving at the net wealth of an assessee for the purpose of taxation under section 3 of the wealth-tax act, 1957, came up for consideration in commr. ..... us was decided in lavour of the department--is an ascertained or readily calculable amount'; and 'we entertain no doubt that we must hold that the income-tax liability with which we are concerned did not mature into a debt owed by the asseesee earlier than the 1st april 1959, that it is hence not deductible as held by the appellate tribunal under section 2(m) of the wealth-tax act, 1957, and that the question referred has to be answered in the negative and against the assessee.'6. ..... a copy of this judgment under the seal of the high court and the signature of the registrar will be forwarded to the appellate tribunal as required by sub-section (6) of section 27 of the wealth-tax act, 1957. ..... this is a reference under section 27(1)of the wealth-tax act, 1957. ..... the assessment provided by the act is on thenet wealth of the assessee as on the valuation date, section 3, the charging section, says :''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'.4 .....
Tag this Judgment!Court : Gujarat
Reported in : [1993]201ITR42(Guj)
..... the assessment years under reference and assessment years 1976-77 to 1979-80, the commissioner of wealth-tax ('the commissioner' for short) noticed that the wealth-tax officer had granted excess exemption under various provisions of section 5(1) of the wealth-tax act, 1957 ('the act' for short). ..... us for our opinion the following question : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the order of the commissioner of wealth-tax was not a nullity, though it was passed without notice to the assessee regarding valuation of immovable property 'lal palace (2) whether the tribunal was right in law, after allowing the assessee's appeal, in ..... him to the assessee that the valuation of the immovable property known as 'lal bungalow' accepted by the wealth-tax officer in his assessment orders for the assessment years under reference was erroneous and prejudicial to the interests of the revenue he could not have given a direction to the wealth-tax officer to refer the question of valuation of the said property for the assessment years under deference also ..... wealth-tax officer, while making wealth-tax assessment for the years under reference, included the value of immovable property known as 'lal bungalow' in the net wealth ..... the details of the other properties of the assessee, the value whereof was included in the assessee's net wealth for the assessment years under reference because they are not the subject-matter of this reference. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)53CTR(Raj)332; [1986]160ITR751(Raj); 1985(2)WLN797
..... the application under section 27(1) of the wealth-tax act, 1957 ('the act' hereinafter), was moved and the questions stated hereinabove have been referred,5. ..... under the act, wealth-tax is payable on the net wealth of the assessee and in accordance with section 7 of the act, the value of assets is to be determined by the wealth-tax officer on the basis of the estimated price that that property would fetch, if it is sold in the open market. ..... 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 other than- (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable ..... under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any .....
Tag this Judgment!Court : Chennai
Reported in : AIR1963Mad280; [1963]48ITR959(Mad); (1953)2MLJ322
..... the second question depends upon a construction of the definition of 'net wealth' in section 2(m) of the wealth tax act. ..... on the application of the assessee under section 27(1) of the wealth tax act, the following questions stand referred to us :- '1 ..... section 3 of the wealth tax act contemplates three classes of assessable entities: (1) an individual; (2) a hindu undivided family; and (3) a company ..... in support of the wealth tax assessment for the assessment year 1957-58, the assessee made a return on 3rd, february 1958. ..... 35,165 being the excess of the estate duty assessed over the duty payable on the return on the death of raghunath rao aforesaid is a liability deductible from the net wealth for the assessment year 1957-58. ..... following upon the death of raghunath rao, the assessee made a return for purposes of estate duty and such duty was assessed at rs ..... as the wealth of the assessee had to be computed with reference to the valuation date, that is, the last day of the previous year, 30th march 1957, he decided that the liability to pay the estate duty would not be a proper deduction in respect of the valuation of the estate which has to be made as on the 31st march 1957. 3. ..... 27,031 teing the quantum of the estate duty which had been admitted by the assessee in his estate duty return, should be allowed, was also rejected. ..... in this return, he claimed his status to be that of a hindu undivided family ..... 30th november 1957. ..... 62,196 by order of the estate duty office dated 30th november 1957. 2. .....
Tag this Judgment!Court : Chennai
Reported in : [1975]101ITR287(Mad)
..... at the instance of the assessee the following question has been referred under section 27(1) of the wealth-tax act, 1957. ..... the charging provisions in section 3 enact that wealth-tax shall be charged for every assessment year in respect of the net wealth of the individual at the rate or rates specified in the schedule. ..... the wealth-tax officer was of the view that, though the value of the house is to be included in the net wealth of the assessee under the provisions of section 4(1)(a), since the transfer in favour of the wife itself is not invalidated and the wife still holds the property as belonging to her, the provisions of section 5(1)(iv) is not applicable. ..... 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 assets, wherever located, belonging to the assessee on the valuation date including assets required to be included in his net wealth under the provisions of the act which is in excess of the aggregate value of all the debts owed by the assessee except certain debts which are specified in that provision. ..... for the assessment years 1964-65 and 1965-66 the assessee submitted wealth-tax returns declaring a net wealth of rs. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]243ITR652(Mad)
..... of annuity became the assessee's property only by succession and was not purchased by any other person in pursuance of a contract with the assessee and, therefore, not an 'asset' within the meaning of section 2(e)(i)(iv) of the wealth-tax act, 1957, and not includible in the net wealth of the assessee ?' 9. as already observed the statutory provision relevant for these assessment years is 2(e)(2)(ii) and not the one mentioned in the order of reference ..... are really concerned with is section 2(e)(2)(ii) of the wealth-tax act, 1957. ..... . cwt : [1995]214itr76(mad) has held that for the purpose of section 5 of the wealth-tax act, the asset owned by the firm is to be regarded as an asset owned by the partner to the extent of the partner's share in the firm, and annuity also being an asset, the asses-see as a partner had ..... the fact that all the partners have an interest in the partnership property does not necessarily lead to the conclusion that for the purpose of the wealth-tax act, even in the absence of appropriate language therein, the contract to which the firm is a party, should be treated as a contract ..... . reference was also made to the definition of the term 'assessee' in section 2(c) which defines 'assessee' to mean a person by whom wealth-tax or any other sum of money is payable under the act, and includes every person in respect of whom any proceeding under the act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)188CTR(Guj)14; [2004]267ITR54(Guj)
..... the income-tax appellate tribunal, ahmedabad bench 'c' has referred the following question of law for the opinion of this court under the provisions of section 27 of the wealth-tax act, 1957. ..... the charging provision of section 3, in terms, refers to huf when it lays down that, subject to the other provisions contained in this act, there shall be charged for every assessment year commencing from 1st day of april, 1957, a tax (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 at the rates specified in schedule-i. ..... it was further held that, the huf was not a natural person and, therefore, it was not entitled to claim the benefit of section 7(4) of the act.2.1 the commissioner of wealth-tax (appeals), in the appeal preferred by the assessee held that, the principle of estoppel was not applicable against the provisions of taxation laws and legal claim could be made at any stage even if it was not made ..... commencing on the first date of april, 1971, whichever valuation date is later, provided that where more than one house belonging to the assessee is exclusively used by him for residential purposes, the provisions of this sub-section shall apply only in respect of one such houses which the assessee may, at his option specify in this behalf in the return of the net wealth.5. .....
Tag this Judgment!Court : Chennai
Reported in : (1991)92CTR(Mad)99; [1991]189ITR8(Mad)
..... the view taken by the high court was right, the supreme court, point out that, in valuing the assets under section 7 of the act, the object is to arrive at the true value of the assets and, in a case where the assessee is carrying on business and maintaining accounts regularly, it is open to the wealth-tax officer to determine the net value of the assets of the business as a whole with reference to the balance-sheet of such business as on the valuation date and ..... rule 2a provides that, if the wealth-tax officer should determine under section 7(2)(a) of the act, the net value of the assets of the business as a whole having regard to the balance-sheet of the business, he shall make adjustments specified in rules 2b to 2g of the rules. ..... in determining the value of the shares so held by the assessee for the assessment year 1974-75 as provided under the wealth-tax act, 1957, and the rules thereunder (hereinafter referred to as 'the act' and 'rules' respectively), the wealth-tax officer was of the view that the depreciation on the assets as shown in the balance-sheets of the companies should be taken into account and not the depreciation under the income-tax rules for arriving at the value of the shares. ..... learned counsel further submitted that the value of the assets reflected in a balance-sheet is not conclusive, but adjustable and that would also indicate that the figures furnished in the balance-sheet could be subjected to alteration. .....
Tag this Judgment!Court : Chennai
Reported in : [1980]122ITR184(Mad)
..... section 18(2a) provides :' notwithstanding anything contained in clause (i) or clause (iii) of sub-section (1), the commissioner may, in his discretion--(i) reduce or waive the amount of minimum penalty imposable on a person under clause (i) of sub-section (1) for failure, without reasonable cause, to furnish the return of net wealth which such person was required to furnish under sub-section (1) of section 14...'5. ..... whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the order of the wealth-tax officer levying penalty was one under section 18(1)(a) and was not passed in pursuance of the commissioner's order under section 18(2a) on the assessee's petition and that, therefore, there was a right of appeal to the assessee ? 2. ..... whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the order of the commissioner of wealth-tax dated july 19, 1971, was not a valid order under section 18(2a) and, therefore, the wealth-tax officer's order levying penalty was appealable ? 3. ..... with regard to the assessment years in question, he did not file the return for the purpose of wealth-tax within the time prescribed by the statute and he filed voluntary returns on december 14, 1970. ..... the appellant was under the bona fide belief that the balance of sale consideration did not constitute wealth so as to be liable to tax under the wealth-tax act. ..... act, 1957 (hereinafter referred to as ' the act ') .....
Tag this Judgment!Court : Chennai
Reported in : (1980)14CTR(Mad)264; [1980]121ITR632(Mad)
..... this court :'(1) whether, on the facts and in the circumstances of the case, it has been rightly held by the appellate tribunal that the ' loose diamonds ' owned by the assessee are exempt under section 5(1)(viii) of the wealth-tax act, 1957 ? ..... clauses, the following explanation in regard to the introduction of these provisions was given :' clause 32 seeks to make certain amendments to section 5 of the wealth-tax act, relating to exemption in respect of certain assets. ..... under the first explanation, it is being made clear that for the purposes of the said clause (viii) and also clause (xiii) of section 5(1) (relating to exemption from wealth-tax of heirlooms other than jewellery), the term ' jewellery ' will include- (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, ..... covering or otherwise), gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals : provided further that nothing in this clause shall operate to exclude from the net wealth of the assessee any conveyance or conveyances to the extent the value or the aggregate value thereof exceeds the sum of twenty-five thousand rupees. ..... the value of the jewellery shown in the wealth-tax returns for the three assessment years under reference and the value of loose diamonds are as follows :1967-68 1968-69 ..... the assessee is a lady who submitted returns for the assessment years 1967-68, 1968-69 and .....
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