Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 35b failure to furnish returns of net wealth Page 44 of about 465 results (0.161 seconds)

Ramkrishna Ramnath Vs. G. Lakshmi Narsimhan

Court : Mumbai

Reported in : AIR1970Bom30; 1969MhLJ574

..... section 22(1) requires the income-tax officer to give a public notice on or before the 1st day of may in each year, requiring every person whose total income during the previous year exceeded the maximum amount, which is not chargeable to income-tax, to furnish return within the prescribed period. ..... that the further proceedings for assessment in pursuance of the finding or direction given by the tribunal will be taken against the assessee and in any case they must be taken to be notices under section 34 of the income-tax act the proceedings as proposed by the income-tax officer, could therefore, be taken and a further assessment could be made against the petitioner-assessee and therefore, notices could be issued to the assessee for proceeding with the assessment in pursuance of the ..... as regards the appellate assistant commissioner's order dated 31-7-1964 for the assessment years 1956-57 and 1957-58, a further complaint has been made by the petitioner that the only question involved in the appeals before him was regarding the validity of the will of late seth ramnath, the appellate assistant commissioner set ..... pursuant to that direction, the income-tax officer initiated reassessment proceedings under section 34(1) in respect of the year 1948-49 and served a notice on the assessee on 5th december 1957. ..... with respect to the assessment years 1951-52, 1952-53 and 1953-54 the income tax officer made the assessment orders on 30th march 1956, 9th march 1957 and 7th march 1958 respectively. .....

Ramkrishna Ramnath Vs. G. Lakshmi Narasimhan, Income-tax Officer, Cent ...

Court : Mumbai

Reported in : [1970]77ITR456(Bom)

..... section 22(1) requires the income-tax officer to give a public notice on or before the 1st day of may in each year, requiring every person whose total income during the previous year exceeded the maximum amount, which is not chargeable to income-tax, to furnish return within the ..... observed in the judgment in the said case (at page 361) that the assessment or reassessment which has to follow the issue of the notice thereunder, must be assessment or reassessment in accordance with the relevant provisions of the act, and that was made very clear by the clause that followed which showed that it was when the process of assessment or reassessment commenced that clause came into operation and that clause required that ..... as regards the appellate assistant commissioner's order dated july 31, 1964, for the assessment years 1956-57 and 1957-58, a further complaint has been made by the petitioner that the only question involved in the appeals before him was regarding the validity of the will of late ..... that direction, the income-tax officer initiated reassessment proceedings under section 34(1) in respect of the year 1948-49 and served a notice on the assessee on 5th december, 1957. ..... to the assessment years 1951-52, 1952-53 and 1953-54 the income-tax officer made the assessment orders on 30th march, 1956, 9th march, 1957, and 7th march, 1958, respectively. ..... this petition concerns the tax liability of the petitioner during the assessment years 1951-52 to 1957-58, that is, diwali ending 1950 to .....

Petrosil Oil Company Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1999]236ITR220(Bom)

..... the said section provided that any deduction made and paid to the account of the central government in accordance with the provisions of the said section and any sum by which a dividend had been increased under sub-section (2) of section 16 shall be treated as a payment of income-tax or super tax on behalf of the shareholder and credit shall be given to him therefor on the production of the certificate furnished under section 20 in the assessment, if any, made for the following year under this act. ..... as regards the second contention of the assessee that it had a reasonable cause, the tribunal held that it was without merit as in its opinion, once the assessee had admittedly delayed filing of the return beyond the time allowed the provisions for charging of interest were automatically attracted and as there is no separate right of appeal against the charge, the assessee was not entitled to agitate the same by way of an appeal. ..... where interest is levied under section 139 of the act, the assessee may deny his liability to pay such interest on the ground that the return was not belated or that the penal provision was not attracted at all to his case. .....

Commissioner of Wealth-tax Vs. V.M. Shah

Court : Mumbai

Reported in : (1987)63CTR(Bom)225; [1988]170ITR17(Bom)

..... section 2(e) of the wealth-tax act, 1957, defines 'assets' as 'property of every description, movable or immovable'. ..... amount due to the assessee under that debt, and where such amount or part thereof has been allowed as a deduction under clause (vii) of sub-section (1) of section 36 of the income-tax act, 1961, in computing the total income of the assessee for the relevant year for the purposes of assessment under that act, the amount of the debt as reduced by the deduction to be allowed; (b) in the case of goodwill purchased by the assessee for a price, its market value or the ..... palkhivala drew our attention to rule 2a whereunder, when the wealth-tax officer determines under section 7(2)(a), as here, the net value of the assets of the business as a whole, having regard to its balance-sheet, he is obliged to make the adjustments set out in rules 2b to 2g. ..... the supreme court noted that under section 3, wealth-tax was charged for a full assessment year in respect of the net wealth of the assessee on the corresponding valuation date. ..... ) the question to be considered in this case was whether the wealth-tax officer was justified in including in the net wealth of the assessee interest due on accrual basis (though not realised) on the outstandings of his money-lending business, the accounts of the assessee being maintained on cash basis. ..... in his wealth-tax returns for these years, the assessee valued his 45% share in the firm on the basis of the balance-sheets. .....

Sahebzadi Amina Marzia Vs. Syed Mohd. HussaIn and ors.

Court : Andhra Pradesh

Reported in : AIR1981AP340

..... it isstated in the petition that the corpus settled under the above trust deed has been the subject matter of levy of wealth tax under the wealth tax act, 1957. ..... observed:'but, i think, in the present case it is unnecessary for me finally to decide whether the trustees have any power under section 40 or section 36, because i think, this particular case may be decided on another ground, namely, under the extraordinary jurisdiction of the court which it can exercise in certain cases of what i may call 'emergency'. ..... of the trust and (ii) further to enable and authorise the trustees to invest the balance of the sale proceeds in government securities and from the net income of the respective investments, to pay and discharge the tax liabilities and if there be any sums remaining thereafter in the hands of the trustees to pay to the said amina marzia and fatima fouzia for and during their respective lives and on and after their deaths to ..... into two equal parts and one such equal part is to be held upon trust called 'fatima fouzia pocket money trust' and the other upon trust called 'amina marzia pocket money trust', the net income of the respective pocket money funds are to be paid to the respective beneficiaries for and during their lifetime. ..... ) and from the net income of respective investment to pay and discharge the future tax liabilities. ..... the net income from the securities specified in the vi schedule to the deed of trust is rs. .....

Commissioner of Wealth Tax Vs. Shri J.K. Srivastava

Court : Allahabad

Reported in : (2006)202CTR(All)520; [2006]280ITR470(All)

..... contra, learned counsel for the assessee submitted that under wealth tax act only three entities are recognized for the purposes of charging wealth tax namely 'individual', 'hindu undivided family' and 'company', vide section 3 of the act. ..... are three wealth tax references under section 27 of the wealth tax act (here-in-after referred to as the act). ..... has been placed beyond doubt by insertion of section 21aa in the wealth tax act. ..... of wealth tax reported in : [1983]142itr586(all) has held that section 4(1)(b) of the act clearly lays down that in the case of individual as a member of association of persons the value of his interest in the association of persons in the prescribed manner shall be included in computing his net wealth. ..... commissioner (appeals) for the assessment years 1954-55 and 1956- 57 belonged to the association of person where the share of the members being indeterminate and therefore, liable to tax at the maximum rate and for the subsequent assessment year both according to income tax return and the income tax assessment, the income from this source was assessed the in the status of association of person, where share of members of association of person were not determinate. ..... 'prescribed' means as prescribed by the rules, rule 2(1) of the wealth tax rules, 1957 prescribes mode for value of interest in partnership or association of person. ..... word 'entitle' means to give a claim, right or title to to give a right to demand or receive, to furnish with grounds for claiming'. .....

Shri Bhagwandas JaIn Vs. Addl. Commissioner of Wealth-tax

Court : Madhya Pradesh

Reported in : [1979]116ITR347(MP)

..... act, 1957, or, in the alternative, the tax that was payable under the respective finance acts relating to these respective years should be allowed to be deducted in making the computation of their net wealth under section 3 of the act.5. ..... --(1) where any person makes a declaration in accordance with sub-section (2) in respect of the amount representing income- (a) which he has failed to disclose in a return of income for any assessment year filed by him before the 1st day of march, 1965, under the indian income-tax act, 1922 (xi of 1922), or the income-tax act, 1961 (43 of 1961), or (b) which has escaped assessment for any assessment year for which an assessment has been made before the 1st day of march, 1965, under ..... either of the said acts, or (c) for the assessment of which no proceeding under either .....

Commissioner of Wealth-tax Vs. S. Baldev Inder Singh

Court : Punjab and Haryana

Reported in : [1993]203ITR837(P& H)

..... 1978 raising the following questions for decision of this court under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') :'1. ..... section 7 of the act provides that the value shall be estimated to be the price which, in the opinion of the wealth-tax officer, it would fetch if sold in the open ..... view of the wealth-tax officer as well as that of the appellate assistant commissioner and held that the assessee was not entitled to claim the exemption envisaged under section 5(1)(xviii) of the act.6. ..... in our considered view, the appellate tribunal had based its finding on relevant material and while the factors taken into consideration by the wealth-tax officer and the appellate assistant commissioner may not be irrelevant or inadmissible, the same must give way in favour of better instances relied ..... the provisions of sub-section (1a), 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 assessee. . ..... baldev inder singh filed a return of his wealth under the act as an individual on july 28, 1973, for ..... another asset included in the return was land described as urban and suburban in the revenue estate of gumtala situated on the outskirts of ..... another asset included in the return was land measuring 2,738 bighas at village daryapur in the then ..... the assets included in the return, inter alia, comprised land measuring ..... the return also included land of the assessee in which 3,851 .....

Commissioner of Income-tax Vs. Smt. S. Qudira Anwar

Court : Patna

..... section (2b) of section 18 of the act may be noticed at this stage : '(2a) notwithstanding anything contained in clause (i) or clause (hi) 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, or (ii) reduce or waive the amount of minimum penalty imposable on a person under clause (iii) of sub-section (1), if he is satisfied that such person-- (2b) an order under sub-section ..... these references under section 27(1) of the wealth-tax act, 1957, at the instance of the revenue with respect to the same assessee involving the same ..... to march, 1976, was in these terms : '(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 which he is required to furnish under sub-section (1) 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 within the time allowed and in the manner required by sub-section (1) of section 14 or by such notice, as the case may be ; ..... wealth-tax officer imposed penalties under section 18(1)(a) of the wealth-tax act, 1957 (for short, 'the act .....

Commissioner of Wealth-tax Vs. K.V. Abraham

Court : Kerala

Reported in : (1990)87CTR(Ker)159; [1989]177ITR13(Ker)

..... this was so done under section 4(1)(a)(ii) of the wealth-tax act. ..... --(1) subject to the provisions of sub-section (1a), 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 assessee-- (iv) one house or part of a house belonging to the assessee : provided that, where the value of such house or part exceeds one hundred thousand rupees, the amount that shall not be included in the net wealth of the assessee under this clause shall be one hundred thousand rupees :' 3. ..... the appellate tribunal referred to the decisions of the madras and karnataka high courts and held that the property included in the net wealth of the assessee by the fiction created by section 4(1)(a) of the act has to be assumed even for the purpose of section 5(1)(iv) of the act as belonging to the assessee and the exemption should be allowed in the hands of the assessee. ..... m, eapen : [1978]114itr415(kar) , a division bench of the karnataka high court held that when the value of the house is to be considered for the computation of the net wealth of an assessee, it has to be assumed even for the purpose of section 5(1)(iv) of the act that the house in question belongs to the assessee and that the exemption has to be allowed in the hands of such assessee. .....