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. .....
Tag this Judgment!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. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1987)21ITD545(Ahd.)
..... appellate authority and the deletion was confirmed by the tribunal vide order dated 19th march, 1979.2.1 the assessee is also regular assessee under the wealth-tax act.since the mother of the assessee was held to be benamidar in the partnership firm the original assessments completed under section 16(1) of the act in the case of the assessee wherein accumulated profits going to the share of the mother were not included were sought to be reopened under ..... net wealth of the assessee only because of the refusal to grant registration in the case of the firm and there was no question of concealment, the wealth-tax officer held as follows as could be seen in the penalty order for assessment year 1974-75 (facts and issues are identical): i am satisfied that without reasonable cause, the assessee has failed to furnish the correct particulars of his wealth and/or furnished the inaccurate particulars of his wealth and has thus committed a default punishable under section ..... sought to be diverted shall have to be excluded while filing the return of income obviously accumulated income giving rise to the wealth shall have to be excluded from the wealth-tax return as a consequence and not with a motive to conceal the particulars of wealth or to evade wealth-tax.6.2 we see from the orders passed in various proceedings that variation in the wealth is necessitated only because of refusal to grant registration under the income-tax act where it was held that mother of the assessee was benamidar of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD5(Mad.)
..... learned judicial member having regard to the details of the construction of the house came to the conclusion that under the provisions of section 7(4) of the wealth-tax act, 1957, the assessee is entitled to value that portion of the property, which was under the occupation for residential purposes, by the method provided for in section 7(4) of the wealth-tax act and for the remaining portion at market value. ..... the learned accountant member doubted it.proceeding from this premises, my opinion on the third point is again in the affirmative that the valuation of 5/6th portion of the property was to be in accordance with section 7(4) of the wealth-tax act, 1957 while l/6th portion is to be valued in accordance with the market value of the property under section 7(1) of the wealth-tax act, 1957.15 ..... on the 1st day of april, 1971 whichever valuation dale 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 of such houses which the assessee may, at his option specify in this behalf in the return of net wealth. ..... building or part thereof is allotted or leased under a house building scheme, the assessee shall, notwithstanding anything contained in this act or any other law for the time being in force be deemed to be the owner of such building or part and the value of such building or part shall be included in computing the net wealth of the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)46ITD31(Mum.)
..... view of the matter, the protection under section 6 of the wealth-tax act 1957, is allowable to the assessee and his shareholding in the nepal company as also credit balance (if any) is not includible in the hands of the assessee while computing the assessee's net wealth. ..... an individual non-citizen for the purpose of the wealth-tax act, filed his return of net wealth declaring a wealth of rs. ..... the assessee has also been filing his income-tax returns as also wealth-tax returns under the relevant indian enactments and he has been ..... by the assessee to the above nepal based concern were not disclosed by him in the wealth-tax returns of the assessment year 1975-76 and afterwards, presumably because of the assessee's claiming the status as a non-citizen, whereby his assets located outside india will not be brought to wealth-tax. ..... found certain glaring discrepancies which led him to believe and draw a certain conclusion that such a company did not exist or could not have existed in nepal because the enquiries made at the address furnished by the assessee revealed that such a company did not exist there and that the books of the assessee-company and the balance-sheet, the profit and loss account and other statements did ..... not disclosed by the assessee in his wealth-tax returns thereafter because the status of the assessee has then become a non-citizen and for the purpose of the wealth-tax act a non-citizen is not obliged to disclose and pay wealth-tax on the assets located outside india. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)48ITD1(Delhi)
..... therefore, we refer these matters to the worthy president of the appellate tribunal for settling the difference of opinion under section 24(11) of the wealth-tax act, 1957, read with section 255 of the income-tax act, 1961 and hence frame the questions:- (1) whether, on the facts of the case, the majority decision is that the method of valuation adopted by the aac for the land and factory building in dispute is just ..... mills, amritsar where he was a partner".it was accepted that interest of a partner in the partnership would be determined as per wealth-tax rule 2(1), which is prescribed in consequence of what is stated in section 4(1)(b) of the wealth-tax act.after discussion, it has been held by him that 'net wealth' of the firm is to be determined not by the principles contained in the wealth-tax act and invoking section 7(2) of the wealth-tax act and rules 2a to 2e of the wealth-tax rules but on the basis of commercial principles as held by the allahabad high court in the case of padampat singhania (supra). ..... was on the ground of his being a partner he had returned the interest in the said concern in his wealth-tax returns. ..... in mind this observation of karnataka high court, it is clear that the supreme court has laid down that if the property is not put to full use or the return is not commercial, capitalisation of rental value pegged down statutorily by the provisions of the rent control legislation yields misleading results and cannot be considered as fair value of the property .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
..... . it was submitted that in view of the stay granted by the wealth-tax officer under section 31(7) of the wealth-tax act, by passing a speaking order, the department had accepted the position that there was a prohibition on remittance and, hence the very basis for distinguishing the judgment of the gujarat high court in ..... . the learned departmental representative further asserted that only a mistake apparent from the record can be rectified.failure of the tribunal to consider an argument advanced by either party for arriving at a conclusion is not an error apparent on ..... return of wealth that the foreign balance was not realisable and contended that there was no documentary evidence to prove the claim, the debt was time-barred, nothing could be received as portugal was an enemy country and that the government of india did not agree to the suggestion for 100 per cent, import of goods and the government insisted upon 50 per cent, repatriation of the balance and nothing could be done.30. the wealth- ..... where dividends are declared subject to obtaining remittance from pakistan conditional declaration does not create a debt due to the assessee and that, consequently, the amount of such dividend is not includible in the net wealth. ..... brought to the notice of the tribunal, it was urged that because of the restrictions imposed on remittances or repatriation of a balance or deposit in a foreign country could not be taken at the full value and nothing could be included in the net wealth of the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)89TTJ(Ahd.)338
..... the appellant submits that the learned cwt(a) has erred in not holding that even if the appellant was to be found assessable in the status of aop he should be assessed to tax at the ordinary rate applicable to aop with all available statutory deductions and not at the specified rate as set out in section 21aa of the wealth tax act, 1957.for the sake of convenience, these appeals are disposed of by this common order as below.the assessee filed the returns of wealth declaring nil ..... the common grounds raised by assessee in all these appeals are reproduced below : (1) the learned commissioner (appeals) has erred in dismissing the appeal preferred by the appellant by holding that the wealth tax officer was justified in taxing the wealth of the appellant by resorting to section 21aa of the wealth tax act, 1957. ..... , supreme court are reproduced as below : 'this immediately takes us to the question as to which of the two sub-sections (1) or (4), of section 21 applied for the purposes of assessing the assessee to wealth-tax in respect of the beneficial interest in the remainder qua each set of unit or units allocated to the relatives specified in the schedule ii now, it is clear from the language of section 3 that the charge of wealth-tax is in respect of the net wealth on the relevant valuation date, and, therefore, the question in regard to the applicability of sub .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2007)111TTJ(Coch.)979
..... amended definition under section 2(m) of the wealth-tax act and submitted that as there was a substantial change in the charging provisions of the wealth-tax act, section 2(m) was also amended to that extent and the word used in respect of the debt is much more wider and legislature has intended that any debt incurred in relation to the said asset should be deducted for the purpose of working out the net wealth. ..... the wealth-tax act, 1957, has far too many exemptions making ..... urban land is concerned, as per section 2(ea), more particularly clause (v) of the act, it is an "asset" for the purpose of wealth-tax act and there is no controversy about the ..... the assessee was served with notice under section 17 of the wealth-tax act and assessments of the assessee were completed for all these assessment years vide different orders of the ..... . consequential amendment was also introduced in section 2(m) of the wealth-tax act and following wordings were inserted at the end of the definition: on the valuation date which have been incurred in relation ..... - (1) subject to the other provisions (including provisions for the levy of additional wealth-tax) contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957, but before the first day of april, 1993, 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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)109ITD241(Pune.)
..... the id counsel for the assessee has submitted that the properties in question are not liable to be included within the definition of "assets" as defined under section 2(ea) of the wealth-tax act, 1957, inasmuch as they are covered by exception under sub-clause (5) of clause (i) of sub-sec (ea) of section 2 of the wealth-tax act as these are the properties in the nature of commercial establishments or complexes. ..... therefore, having regard to the nature of the property as well as its use the property can be classified as commercial establishment within the meaning of section 2(ea)(i)(5) of the wealth tax act, and as such, value thereof is not includible in the net wealth chargeable to tax under the wealth-tax act.33. ..... the assessee has claimed four properties declared in the wealth tax return at serial no. ..... he further submitted that all these properties has been assessed to municipal tax as commercial property.in other words, he submitted that all these properties have been classified as commercial property in the local municipal records and municipal taxes have accordingly been paid from year to year.supporting his case, the id counsel for the assessee has furnished number of documents, which are listed as below: 1. ..... no evidence as to the nature of the property supported by any municipal tax paid has been furnished. ..... details of the amount of rent received by the assessee in respect of this property has also been furnished by the assessee. .....
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