Court : Chennai
Reported in : AIR1966Mad41; [1965]56ITR384(Mad); (1965)1MLJ333
..... for determination in these petitions is, when can a question of law be said to arise out of the order of the tribunal (functioning under the wealth tax act of 1957) for directing it to refer the question to the high court under s. ..... wealth tax act, 1957 ..... 45, as is employed by it in a new and separate unit set up after the commencement of this act by way of substantial expansion of its undertaking;"the wealth-tax officer rejected the claim on the ground that the new separate unit must be deemed to have been set up before 1-4-1957 even when negotiations took place and arrangements were made for constructing the factory and installing the machinery and that the relevant ..... xxi) of the wealth-tax act, in respect of ..... wealth tax act ..... to the high court, and shall so refer any such question on the application of the assessee, unless it is satisfied that the application is frivolous or that a reference is unnecessary"the collector of income-tax (the revenue authority) while determining the excess profits, had to decide the question as to when the profits of the business could be said to be employed in the business. ..... section 27 of the wealth-tax act both in its language and as well as ..... that portion of the net wealth of a company established with the objects of carrying on an industrial undertaking in india within the meaning of the ..... follows :"s 5(1): wealth-tax shall not be payable by an assessee in respect of the following assets and such assets shall not be included in the net wealth of the .....
Tag this Judgment!Court : Chennai
Reported in : [1999]237ITR464(Mad)
..... the matter, though we uphold the order of the tribunal that the gifts made by the assessee on 31st march, 1969, 31st march, 1970 and 1st may, 1970 are includible in the assessee's wealth-tax assessment, the amount includible will only be the balance of the amount after adjusting the amount of the cash balances when the gifts were made on 31st march, 1969, 31st march, 1970 and 1st ..... that the gifts made on 31st march, 1969, 31st march, 1970 and 1st may, 1970 are includible in the assessee's wealth-tax assessment, but only to the extent of the balance amount over the cash balance at the time of gifts. ..... case, admittedly, though donees have not expressly stated that they have not accepted the gifts, the fact that the gifts were acknowledged by filing gt return and the payment of gift-tax was also made would clearly show that there were valid gifts at least to the extent of the amount available to the proprietary concern of the donor ..... stated as a general proposition of law that whenever there is a levy of gift-tax, the wto precluded from levying wealth-tax on the amount gifted, even if there was a valid gift. 9. mr. ..... the act, if any transfer of asset is chargeable to gift-tax, then, the value of such asset could not be included in the net wealth of ..... of the wt act, 1957 (hereinafter to be referred to as 'the act'), the amounts gifted cannot be included in the assessment of the assessee as the gifts were made during the period mentioned under the proviso and the gift-tax was also levied .....
Tag this Judgment!Court : Mumbai
Reported in : [1979]117ITR590(Bom)
..... said to have been transferred by the assessee for his benefit or for the benefit of his wife or for the benefit of children so as to attract section 4(1)(a)(iii) of the wealth-tax act, 1957 ?' 5. ..... in his return for wealth-tax purposes, the assessee excluded from his net wealth the value of the above shares which, under the declaration, became the property ..... the assessee's contention was that the value of these shares was not includible in his net wealth as they had ceased to be his individual property by reason of the fact that he had impressed them with the character of ..... there is no question of any deemed transfer or application of legal fictions and all that we are concerned with is whether by the declaration made and by his act, can the assessee be said to have transferred the shares to the joint family and, further, whether such transfer could be regarded as a transfer made to or for the benefit of the wife ..... the benefit of' would seem to indicate in the view of the tribunal that the transfers which were sought to be brought within the net of the statutory provision were transfers through the medium of trust. ..... (1) in computing the net wealth of an individual, there shall be included, as belonging to him - (a) the value of assets which on the valuation date ..... from the net wealth of the ..... accept this contention and included the value in the net wealth of the assessee. 2. ..... by this amendment, the tax net was sought to be cast on transactions of the nature we are considering, effected .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1996SC894; (1996)130CTR(SC)393; [1996]218ITR195(SC); JT1995(9)SC146; 1995(6)SCALE702; (1996)7SCC221; [1995]Supp5SCR721
..... it is, interesting to note that the same bench of the bombay high court had thereafter occasion to consider the contingencies reserve in the context of the wealth tax act, that is to say, whether the amount standing to the credit of that reserve was liable to be included in determining the net wealth of the assessee, which was also a company that generated and supplied electrical energy and was governed by the provisions of the electricity (supply) act, 1948. ..... the real profit of a businessman under section 10(1) of the income-tax act cannot obviously include the amounts returned by him by way of rebate to the consumers under statutory compulsion. ..... the court then said :under section 10(1) of the income-tax act, tax shall be payable by an assessee under the head 'profits and gains of business' in respect of profits and gains of any business carried on by him. ..... these are references by the income tax appellate tribunal to this court under section 257 of the income tax act, 1961. ..... said schedule accordingly, and any provisions of the indian electricity act, 1910 (9 of 1910), and the license granted to him thereunder and of any other law, agreement or instrument applicable to the licensee shall, in relation to the licensee, be void and of no effect in so far as they are inconsistent with the provisions of section 57-a and the said schedule.the sixth schedule to the electricity (supply) act sets out financial principles applicable to electricity companies and their application .....
Tag this Judgment!Court : Chennai
Reported in : [1993]200ITR396(Mad)
..... section 161 of the present act, the clause 'all the provisions of this act shall apply accordingly' occurring in section 41 of the old act or the clause 'the provisions of this act shall apply accordingly' occurring in the similar section 21(1) of the wealth-tax act, 1957 ..... nizam's family (remainder wealth) trust : [1977]108itr555(sc) , the supreme court observed as follows in relation to the abovesaid section 21(1) of the wealth-tax act, 1957 (at page 595) : 'it is also necessary to notice the consequences that seem to flow from the proposition laid down in section 21, sub-section (1), that the trustee is assessable 'in the like manner ..... ali bahadur : [1966]59itr666(sc) , referred to above, the supreme court had to interpret section 41 of the indian income-tax act, 1922, corresponding to section 161 of the income-tax act, 1961, and the court observed as follows (at page 682) : 'under this section the revenue has the option to levy or collect tax from the trustee or the beneficiary; the tax can be levied upon and recoverable from the trustee in like manner and to the same ..... to this court at the instance of the revenue in these tax case references under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), in respect of the assessment years 1973-74 to 1975-76, is : 'whether, on the facts and circumstances of the case, the appellate tribunal was right in holding that, while computing the tax payable by the assessee as a trustee to the beneficiary, viz .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (2002)175CTR(AP)291; [2002]255ITR127(AP)
..... further, the authorities under the wealth-tax act are also not parties to the suit. ..... 28/49 situated as subhash road, old town, anantapur, hereinafter referred to as the 'petition schedule property', is liable to be sold for recovery of wealth-tax arrears for the assessment years 1982-83 to 1988-89 due from the late nimmalla appanna. ..... in connection with the recovery of the said arrears of the wealth-tax, the tax recovery officer, income-tax department, issued a proclamation in the tetitgu daily newspaper eenadu and brought to sale the petition schedule property and ultimately auction was conducted on january 12, 1996, and the sale was knocked down in favour of the ..... 3870 of 1996 which is directed against the order of the tax recovery officer, tirupati, in rejecting the claim petition filed by the petitioner therein under rule 11 of the second schedule to the income-tax act, 1961, because the said petition was filed only after final proclamation was issued for sale of the property ..... having agreed for the sale of the petition schedule property for realisation of the wealth-tax dues, the petitioners in w. p. no. ..... schedule property was auctioned and sold and the remaining house properties are not sold, obviously, because the money realised out of the sale of the petition schedule property could satisfy the outstanding wealth-tax dues due to the income-tax department. ..... appanna and therefore those properties are not liable to be attached and sold for recovery of wealth-tax arrears due from n. .....
Tag this Judgment!Court : Chennai
Reported in : [1990]182ITR117(Mad)
..... 1450 of 1977, a case arising under the wealth-tax act, 1957, runs as follows : 'whether, on the facts and in the circumstances of the case, it has been rightly held that the sum of rs. ..... the revenue wanted and wants to treat the assessee as an individual under the income-tax act regarding the income from the sums gifted as well as under the wealth-tax act regarding the said sums and the accretions thereto. ..... 579 of 1977, a case arising under the income-tax act, reads as follows : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the income from the gifted properties arose to the hindu undivided family and it cannot be, therefore, ..... dealing with the facts of that case and expressing the view that until the birth of a son the personal law of the assessee governed, it was held that the income was chargeable to income-tax in the hands of the assessee as his individual income and not that of the family. ..... the result is that the questions referred i both the tax cases are answered against the revenue and in favour of the assessee. ..... the income-tax appellate tribunal has ultimately accepted the stand of the assessee. ..... the question referred in tax case no. ..... the question referred in tax case no. .....
Tag this Judgment!Court : Rajasthan
Reported in : 1993WLN(UC)391
..... it was observed that the position that emerges after a comparative study of the provisions of the income-tax act, 1961, and the indian income-tax act, 1922, and also of the wealth-tax act is that in the income-tax act, 1961, the income-tax officer can assess a person in a status other than the one in which the assessee had filed his or its returns and if the assessee is aggrieved by the assessment, in that status he can file an appeal against the order challenging his ..... the status of individual and hindu undivided family were considered as separate units and, therefore, it was held that without issuing fresh notices under section 14(2) to file the returns, the wealth-tax officer exceeded his jurisdiction under section 16 of the act in framing the assessment in the status of individual on the returns which were filed in the status of hindu undivided family. 5. ..... section 139(2), during the relevant period, was as under : 'in the case of any person who, in the income-tax officer's opinion, is assessable under this act, whether on his own total income or on the total income of any other person during the previous year, the income-tax officer may, before the end of the relevant assessment year, serve a notice upon him requiring him to furnish within thirty days from the date of service of the notice, a return of his ..... , from the inception of income-tax law in rajasthan and 1957-58, i.e. .....
Tag this Judgment!Court : Delhi
Reported in : (2007)211CTR(Del)357
..... the petitioner had filed an application under section 264 of the income tax act (hereinafter referred to as income tax act) which was rejected by the commissioner of income-tax by the impugned order dated 20-11-2002 on the grounds that it was barred by limitation. ..... since the extraordinary jurisdiction of this court has been invoked, the constraints that may have been felt by the commissioner in deciding the assessed's revision application under section 264 would not impinge on the powers of the court under article 226 of the constitution to correct an injustice that has occurred albeit because of the petitioner/ assessed himself. ..... bansal, learned counsel for the revenue, has vociferously contended that the taxability of this income is not beyond debate, in that it can be brought to tax by virtue of section 17(2)(v) of the income tax act. ..... section 4 is the charging section under the income tax act. ..... this does not, however, mean that the petitioner would not be entitled to relief under section 10(13)(it) of the income tax act.5. ..... 24(l), new delhi, to exclude the income in respect of amount received by the petitioner as pension from lic (which is exempt from tax under section 10(13)(ii) of the act), from the assessable income for the above said three years, i.e. ..... shelly products : [2003]261itr367(sc) to contend that the department could not be faulted for accepting the returns filed by the assessec where he himself had offered for tax the sum received from the superannuation fund. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1999]235ITR100(P& H)
..... mittal , in a case where prosecution had been initiated under section 276c and section 277 of the income-tax act read with section 193 of the indian penal code also found that once the income-tax appellate tribunal had recorded that there was no concealment of any income, the complaint should have been ..... july 10, 1981, action was taken under section 133a of the income-tax act by the income-tax officer, on the business premises of the petitioners ..... will not attract penalty under section 271(1)(c) of the income-tax act. ..... was contended that they had committed the offence punishable under sections 276c and 278 of the income-tax act.5. ..... the subsequent events are clear that while the present revision petitions were pending, the commissioner of income-tax (appeals) and the income-tax appellate tribunal had held that additions and penalty on the basis of which the prosecution had started, be ..... wherein the facts involved were that prosecution was launched against the assessee for offences under section 277 of the act along with sections 193 and 471 of the indian penal code on the basis of filing false returns, false accounts and inflated items of purchases. ..... tribunal examined the whole incriminating material against the assessee and arrived at the conclusion that none of the income-tax authorities has clearly established that particular items of purchases were inflated and as such there was no proof of the assessee having concealed his income or having furnished inaccurate and false particulars. .....
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