Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 35b failure to furnish returns of net wealth Page 45 of about 465 results (0.191 seconds)

Commissioner of Income-tax Vs. Dr. C. Ashokan Nambiar

Court : Kerala

Reported in : [2000]245ITR37(Ker)

..... such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16a, clauses (ha) and (i) of sub-section (1) and sub-sections (3a) and (4) of section 23, sub-section (5) of section 24, section 34aa, section 35 and section 37 of the wealth-tax act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the assessing officer under ..... the grant of opportunity, it was observed that the reference was not under section 16a of the wealth-tax act, 1957 (in short, 'the wealth-tax act') and, therefore, there was no requirement to grant opportunity to the ..... section, 'valuation officer' has the same meaning, as in clause (r) of section 2 of the wealth-tax act, 1957 (27 of ..... the following provisions of the wealth-tax act applicable in relation to a reference made by the wealth-tax officer under section 16a of that act apply mutatis mutandis to a reference made by the income-tax officer under section 55a :(i) sub-sections (2), (3), (4), (5) and (6) of section 16a relating to a ..... . learned counsel for the revenue, with reference to section 55a of the act, submitted that the provisions of section 23(3a) of the wealth-tax act, were ipso facto applicable and the tribunal has not considered .....

Saroj Devi and ors. Vs. Wealth-tax Officer

Court : Rajasthan

Reported in : (1984)40CTR(Raj)62; [1984]148ITR452(Raj)

..... the wto even then did not desist and ultimately he issued notice under section 17 of the act to the assessees on april 13, 1976, asking them to file their returns of net wealth chargeable to tax as he proposed to reassess the said net wealth for the relevant years already referred to above. ..... if the proceedings are deemed to be under section 17(1)(a), then as the petitioners had already furnished the returns, the first part of that section is not applicable and as the petitioners were not guilty of not disclosing fully and truly all material facts necessary for assessment of their net wealth, the second part of section 17(1)(a) was not attracted.6. ..... since the second condition, namely, that he must have reason to believe that underassessment is by reason of omission or failure on the part of the assessees to disclose fully and truly all material facts necessary for his assessment for that year, is not fulfilled. ..... the audit objection or the direction of the higher authorities for revaluation also cannot furnish any material on the basis of which the wto can be said to have reason to believe that the assessees had not disclosed fully and truly all material facts. ..... when the assessees had furnished this information along with the returns, they had disclosed fully and truly all material facts necessary for the assessment and had thus done their duty as laid down by their lordships of the supreme court in calcutta discount co. .....

Commissioner of Wealth-tax, West Bengal Vs. Gouri Shankar Bhar.

Court : Kolkata

Reported in : [1968]68ITR345(Cal)

..... - this is a reference under section 27(1) of the wealth-tax act, 1957.the assessment year is 1959-60, the corresponding valuation date being march, 31, 1959.the reference has ..... few words to express my own reactions to the same.the assessment in this case has been made on the administrator appointed by a court of the estate of prafulla chandra bar, deceased, under section 21 of the wealth-tax act, which provides that the wealth-tax shall be levied upon and recovered from such administrator in the like manner and to the same extent as would be livable upon and recovered from the person on whose behalf or in whose benefit ..... hindu undivided family and each members of the family should have been assessed separately upon the value of his or her respective share in the inherited property :(3) that under the provisions of section 21 of the wealth-tax act, the assessment should have been made on the individual members and not on the hindu undivided family, because some of the members of the family were not at all owners of the ..... gouri sankar, a son of the deceased, took out letters of administration and filed the wealth-tax return, and his capacity as the administrator to the estate of the deceased, therein describing the ..... under section 3 of the wealth-tax act the charge of tax is on the net wealth of every ..... 'net wealth' under section 2(m) is the amount by which the aggregate value of all the assets belonging to the assessee on the valution date is in excess of the aggregate value of all ..... net .....

Naresh Kumar Gupta Vs. Commissioner of Wealth-tax

Court : Guwahati

..... these three applications, namely, cr 25(m) of 1992, cr 26(m) of 1992 and cr 27(m) 1,992, are filed by the assessee under section 27(3) of the wealth-tax act, 1957 (sic), praying to call for a statement of facts on the question of law sought to be referred to this court as suggested by the assessee. ..... accordingly, in our opinion, it is a fit case where a reference can be called for under section 27(3) of the wealth-tax act (sic) on the question referred to in the petitions. ..... we have been taken through the order of the income-tax appellate tribunal, gauhati bench, gauhati, rejecting the prayer for reference and on a perusal of the same, we find that although the learned tribunal held that the question of law proposed by the assessee is in fact a question of ..... being dissatisfied with the order passed by the income-tax appellate tribunal, gauhati bench, gauhati, rejecting the reference applications filed by the assessee and in refusing to state the case and refer the question of law as suggested by the assessee, the assessee in the aforesaid applications .....

Lalit Suri vs.commissioner of Wealth Tax

Court : Delhi

..... specific ground urged by the assessees before the cwt in this regard is as follows: (iii) the ao has ignored the provisions of law pertaining to the assessability of the agricultural lands at satbari and jaunapur which according to provisions of section 2(ea) of the wealth tax act are not taxable as these come under the exception clause of section 2(ea) which reads as under: section 2(ea) explanation (1) (b) (i)....... (ii)............. ..... this, in effect, was the purport of section 2(ea) of the wealth tax act read with explanation 1(b) which excluded from its purview land on which construction was not permissible.7. ..... it is contended on behalf of the revenue that since the assessees never urged any contentions or questioned its primary liability under the wealth tax act on the ground that the lands were in any manner excluded, no findings were called for.9. ..... the questions of law framed in these four appeals are as follows: in wta52008 (1) whether, in the facts and circumstances of the case, the income tax appellate tribunal was correct in law in holding that the commissioner of wealth tax (appeals) erred in giving a finding that these assets were not includable in the net wta52008, 6/2008, 7/2008 & 8/2008 page 1 of 7 wealth of the assessee?. ..... prakash kumar, learned counsel for the asessesses urges that being a question of law, cwt was under a duty to consider and return findings on the issue before him. .....

S. Prabhakar Tholar Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1987)23ITD401(Bang.)

..... 's case (supra) laid down that in proceedings under section 263 of the income-tax act, 1961 [corresponding to section 25(2) of the wealth-tax act, 1957], the assessee cannot seek to show that there was some other benefit in favour of the revenue which was prejudicial to the assessee and that the words 'erroneous in so far as they are prejudicial to the interests of ..... /1985 : these two appeals are directed against the order of the commissioner of wealth-tax passed under section 25(2) of the wealth-tax act for the assessment years 1982-83 and 1983-84. ..... in the circumstances, we cancel the orders of the commissioner of wealth-tax passed under section 25(2) of the wealth-tax act.7. ..... in other words, if an overall picture is taken into account, it is contended that there is no wealth escaping assessment and so, the commissioner is not correct in invoking the provisions of section 25(2) of the wealth-tax act. ..... it is also contended that before the commissioner can take action under section 25(2), he has to come to a finding that not only that there was an error in the order of the wealth-tax officer but it was also prejudicial to the interests of revenue. ..... 75,575 for the assessment year 1982-83 and 'nil' for the assessment year 1983-84, considered that the wealth-tax officer's action in allowing higher amounts of deduction towards such liabilities was erroneous and prejudicial to the interests of revenue and accordingly initiated action under section 25(2) for the above two years. .....

Wealth-tax Officer Vs. Smt. Dhanni Devi Duggar

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (1988)25ITD356(JP.)

..... us, the following question is referred for opinion of the third member under subsection (11) of section 24 of the wt act read along with sub-section (4) of section 255 of the it act, 1961 : whether the original computation of net wealth made in this case in relation to the assessee's investment in her business should be deemed to have been done under sub-section (1) or (2) of section 7 of the wt act order under section 24(11) of the wealth-tax act, 1957 read with section 255(4) of the income-tax act, 1961 the following point of difference between the learned accountant member and judicial ..... member has been referred to me as a third member by the hon'ble president of the income-tax appellate tribunal : whether the original computation of net wealth made in this case in relation to the assessee's investment in her business should ..... a perusal of the return filed by the assessee in the first instance would show that the assessee did not choose to file return of her net wealth in accordance with the principles of valuation contemplated by section 7(1) of the wt act. .....

Bachhraj Factories Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)56ITD225(Mum.)

..... section 13 of the finance act, 1960 relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957 (hereinafter referred to as the wealth-tax act) wealth-tax shall be charged under the wealth-tax act for every assessment year commencing on and from the 1st day of april, 1984 in respect of the net wealth on the corresponding valuation date of every company not being a company in which the public are substantially interested, at the rate of two per cent of such net wealth: provided that the amount of wealth-tax ..... computed in accordance with the provisions of this sub-section ..... on the valuation date which are secured on, or which have been incurred in relation to, the said assets.10. if the aforesaid definition of net wealth is compared with the definition of section 2(m) given under the wealth-tax act, 1957 we hardly find any difference between the two, except perhaps the fact that net wealth under the wealth-tax act is the aggregate value of all the assets owed by the assessee whereas under the .....

Nb Jaffar Ali Khan Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2003)87ITD359(Hyd.)

..... other provision of this act, a return of net wealth which shows that net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished: provided that this sub-section shall not apply to return furnished in response to a notice under section 17.36.4 commenting on the analogous provisions of section 139 of the income-tax act, the learned authors sampath iyengar observed as under: total income of any other persons:-while the 1922 act imposed an obligation on a person to file a return only ..... if the legislative intent had been to accord total discretion to the wealth-tax officer to make a reference to the valuation officer or not in cases which were covered by clauses (a) and (b) of sub-section (1) of section 16a of the wealth-tax act, 1957, that is, where the difference between the value of assets returned and the fair market value of assets as estimated by the wealth-tax officer is more than the limit prescribed under rule 3b of the wealth-tax rules, 1957, then where was no necessity of providing the guidelines ..... . the language of section 16a may be contrasted with that of for example section 18(1) wherein different functionaries have been empowered to levy a penalty for failure to furnish a return, to comply ..... sanghi that on account of the failure of the union of india to purchase 173 items of jewellery within the period of 8 weeks as prescribed by clause (1) of the award, clauses (6) and (8) of the award had become operative and that .....

Tara Singh Vs. Dy. Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)97ITD482(Asr.)

..... levied wealth-tax in respect of the value of land falling in the definition of 'urban land' and completed assessments under section 16(3) read with section 17 of the j&k wealth tax act, 1957, for these assessment years.being aggrieved, the assessee filed appeals against the orders of the assessing officer before the commissioner of wealth tax (a). ..... wealth tax, circle mandi gobindgarh, where the agriculture land within the municipal limit has been clearly held as an urban land within the definition and scope of section 2(ea) of the wealth tax act, 1957.10 ..... all these appeals are identical, these were heard together and are being disposed of by this consolidated order for the sake of convenience.the first issue raised in all these appeals is that commissioner of wealth tax (a) had gravely erred in not appreciating that the land in question owned by the assessee was agricultural and was, therefore, not included within the definition of 'asset' as defined under section 2(ea) of the wealth tax act, 1957. ..... of urban land for area except the state of j&k, specific exclusion (provisions) for the state of j&k might have been there, as the government provided same by way of proviso to sub-clause (2) of clause (e) of the then section 2 of the wealth tax act, 1957, in the finance act, 1969. ..... observed that the value of such land was to be included in the asset owned by the assessee within the meaning of clause (ea) of section 2 of the wealth tax act, 1957 (hereinafter referred to as the "act"). .....