Court : Mumbai
Reported in : [1963]50ITR578(Bom)
..... the question that arises for consideration relates to the construction of proviso (b) to sub-section (1) of section 25 of the wealth-tax act, 1957 (27 of 1957) (hereinafter referred to as the act). ..... at any rate it can reasonably be assumed that the legislature knew that such an interpretation has been placed on clause (c) of the first proviso to sub-section (2) of section 33a of the income-tax act and, thereafter, the legislature having adopted a similar phraseology in the wealth-tax act, the intention of the legislature was the same as interpreted in a. v. ..... assuming it to be so, the observations relate to the construction placed on a section of the income-tax act, which is in substance pari materia with the clause in the wealth-tax act and the observations show that the expression 'the order is subject of an appeal' is capable of bearing the interpretation that the order appealed against is dealt with and decided on merits by the appellate authority. ..... the legislature has chosen not to do so but has in substance adopted the phraseology of clause (c) of the proviso to sub-section (2) of section 33a of the indian income-tax act, which deals with the revisional powers of the commissioner, which, prior to the date of the enactment of the wealth-tax act, has been judicially interpreted in a. v. ..... the wealth-tax officer adopted another method, estimated the value of those shares, and included that valuation in the value of net wealth estimated by the wealth-tax officer. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1971]81ITR688(AP)
..... learned counsel further invited our attention to the similar wording of the charging section of the wealth tax act and submitted that under the wealth tax act, the courts have held that the liability to pay wealth tax crystallised on the valuation date and not on the first date of the ..... refer to the rulings relied upon by the assessee's counsel, in : [1968]69itr864(sc) , their lordships of the supreme court held that;'by virtue of section 3 of the wealth-tax act. ..... of interest in property which is available to an assesses for a period not exceeding six years form the date of the interest vests in the assessee is only to apply after the date of the amendment by the wealth tax (amendment) act, 1964, that clause has no application and the terms of the section must be interpreted as they stood at the valuation date which crystalised the charge ..... in view of these rulings the learned counsel contended that as in the wealth tax act, the liability to pay gift tax crystallised on the date of the gifts and therefore, the rates of tax which sere specified in the schedule, which was in force on the date of the ..... under the wealth tax act, although the net wealth is to be determined on the valuation date, still the computation of tax is made according to rates that are in force on the commencing date of the assessment year ..... 1957 the liability to pay wealth tax becomes crystallised on the valuation date and not on the first day of the assessment year, though the tax is levied and becomes payable in .....
Tag this Judgment!Court : Rajasthan
Reported in : (1987)52CTR(Raj)68; [1987]167ITR890(Raj)
..... these wealth-tax reference petitions filed under section 27(3) of the wealth-tax act, 1957, raise common questions and, therefore, they are being disposed of by this common order.d.b ..... trading corporation, jaipur, is an industrial undertaking and as such the assessee is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act, 1957 ? ..... being aggrieved by the aforesaid order of the tribunal, the revenue moved the petitions under section 27(1) of the wealth-tax act, whereby it was prayed that the following four questions may be referred to this court ..... the appellate assistant commissioner held that the export invoice could not be made the basis for the market value of the stock and that the wealth-tax officer was not justified in invoking the previsions of rule 2b(2) to determine the net wealth of the firm, m/s. k. d. ..... is justified in holding that the difference between the market value and the cost price of the closing stock of the firm is less than 20% and, therefore, no addition on account of increased value could be made to the assessees net wealth under rule 2b(2) of the wealth-tax rules ?4. ..... 5,880 in the precious and semi-precious stones account and the assessees submitted their wealth-tax returns on the basis of the aforesaid value of the closing stock. ..... and as per rule, 2b(2) of the wealth-tax rules, 1957, the net wealth was computed on that basis. ..... 247, the export invoice value, and after applying the provisions of rule 2b, computed the net wealth of the assessees. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]69ITR534(Cal)
..... accordingly, the tribunal dismissed to this court by the departmental appeal.at the instance of the commissioner of wealth-tax, the following question of law has been referred to this court by the tribunal :'whether, on the facts and in circumstances of the case, and having due regards to the definition of valuation date under section 2(q) of the wealth-tax act, 1957, the tribunal was right in holding that no assessment could be made under the wealth-tax act on the assessee for the assessment year 1957-58 ? ..... section 3 of the wealth-tax act imposes a charge of tax, subject to the other provisions of the act, for every financial year commencing on and from the 1st day of april, 1957, in respect of the net wealth of the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule to the act. ..... as the assessee accepted the condition, the income-tax assessment for 1958-59 was made in respect of the aforesaid period of fifteen months.in response to the notice under section 14(2) of the wealth-tax act for the assessment year 1957-58, the assessee contended that, as it had no previous year for the assessment year 1957-58, there was no 'valuation date' for that year and no wealth-tax assessment could be made on the assessee for that year. ..... he contented that under the charging section of the wealth-tax act, assessment to wealth-tax is to made in respect of every financial year commencing from the 1st april, 1957. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]67ITR122(Cal)
..... section 27(1) of the wealth-tax act, 1957, made in circumstances hereinafter stated.the assessee is a public limited company, doing business in manufacture of textile machinery.the assessment years in question are 1957-58, 1958-59 and 1959-60, the material valuation dates being december 31, 1956, december 31, 1957 ..... tax and sales tax;(ii) that section 7(2)(a) of the wealth-tax act proceeded on a footing different from section 2(m); under section 7(2)(a) what was determined was the net value of the assets of the business as a whole, while section 2(m) referred to the net wealth of the assessee;(iii) alternatively, the net value of the assets of the business should first be determined under section 7(2)(a) and, thereafter, the net wealth should be worked out under section ..... available for distribution had to be determined by debiting the following prior charges against gross profits,(a) provision for depreciation,(b) reserve for rehabilitation,(c) return of 6% on the paid up capital,(d) and return on the working capital at a lower rate than the return on the paid up capital;and from the balance called 'available surplus' the workmen were to be given a reasonable share by ..... since labour as well as capital employed in an industry contribute to the profits of the industry, both are entitle to claim a legitimate return out of the profits and evolved a formula for charging certain prior liabilities on the gross profits of the accounting year, and awarding a percentage of the balance as bonus .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD798(Mad.)
..... of section 171(9) of the income-tax act, 1961 ('the act') and section 20a of the wealth-tax act, 1957 ('the 1957 act').2. ..... assessment, it is brought to the notice of the wealth-tax officer that a partition has taken place among the members of the hindu undivided family and the wealth-tax officer, after enquiry, is satisfied that the joint family property has been totally partitioned amongst the various members or groups of members in definite portions, he makes an order to that effect and makes assessment on the net wealth of the undivided family for the assessment year or ..... 1,50,000 should be excluded from the net wealth of the assessee for the purpose of wealth-tax and the income arising from that asset should likewise be excluded ..... in the circumstances of the case, the assets divided by a partial partition in a hindu undivided family and the income arising from those divided assets could be assessed as part of the net wealth/total income of the hindu undivided family the president having assigned the case to himself for disposal under section 255(4) of the act, the matter has come up before me for hearing as a third member.2. ..... be added to the total income of the huf in respect of which the partial partition is not recognised and similarly the assets taken out of the huf cannot be added back to the net wealth of the huf by ignoring the partial partition because there is no express provision nor any necessary implication to assess such income or assets in the hands of the huf. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD283(Delhi)
..... arose out of the order of the tribunal to be referred to the high court, which is in the following terms : whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in cancelling the penalty imposed by the wto under section 18(1)(a) of the wealth-tax act, 1957 in the assessment year 1971-72 now the point for consideration, before me is which is the correct view in the sense whether the order of the tribunal did or did not ..... 9,030 under section 18(1)(a) of the wealth-tax act, 1957 especially in view of the provisions of section 42c of the wealth-tax act, 1957 2. ..... 9,039 under section 18(1)(a) of the wealth-tax act, 1957 especially in view of the provision of section 42c of the wealth-tax act, 1957 3. ..... the applicant revenue by the present reference application, under section 27(1) of the wealth-tax act, 1957 ('the act'), presented on 23-7-1984, require the tribunal to refer a question, for the esteemed opinion of the hon'ble delhi high court, said to be a referable question of law and further stated to be arising out of the order dated 2-5-1984 of ..... obviously the default of late filing the return becomes patent and the penalty is leviable.when the matter went up in appeal before the aac, the latter upheld the order of the wto by holding as follows : this is an appeal against order under section 18(1)(0) for failure to file the wealth-tax return late as required by section 14(1). ..... return of net wealth was due by 30-6-1971. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1995)52ITD39(Mum.)
..... but he had not executed any registered sale deeds in favour of the vendees : held, that the value of the properties were to be included in the net wealth of the assessee for the purpose of assessment to wealth-tax as they were assets belonging to him within the meaning of section 2(m) of the wealth-tax act, 1957. ..... the question is whether the property be included in the net wealth of the assessee for purposes of assessment to wealth-tax as they were assets "belonging" to him within the meaning of section 2(m) of the wealth-tax act, 1957. ..... as per the list of sale deeds furnished at pages 22 to 27, the dates of registration were furnished against sale of each flat which disclosed that registration of deeds took place in august and october, 1981. ..... on october 14, 1964, the appellant applied for a certified copy of the sale deed and on its being furnished to him, he filed an application dated november 26, 1964, under section 16(3) of the bihar land reforms (fixation of ceiling area and acquisition of surplus land) act, xii of 1962, before the collector. ..... a copy of the order was furnished at pages 10 and 11 of the assessee's paper book. ..... the certified copy furnished by him was not that of the registered deed. ..... on behalf of the assessee at pages 12 to 21 a specimen deed of transfer in favour of the purchaser was furnished. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)55ITD331(Chd.)
..... , the gujarat high court had rejected a reference application on the question whether as claimed by the assessee, section 7(4) of the wealth-tax act, 1957 was procedural and applied also to pending assessments, or as claimed by the department was substantive in nature and applied only to those assessments after 1-4-1976, the date of coming into force of the section.13. ..... storage would not fall under rule 1bb, its valuation would be determined by schedule iii and since the essential features and the basic structure of rule 1bb of the wealth-tax rules and schedule iii of the wealth-tax act were the same except that schedule iii had brought certain refinements over the provisions contained in rule 1bb, the fact remained that schedule iii also deals with the ..... it was submitted that the assessments were framed under section 16(3) of the wealth-tax act in which the valuation shown by the assessee was accepted ..... accept the additional grounds of the assessee and direct the assessing officer to apply the rules of valuation contained in schedule iii of the wealth-tax act for valuing the cold storage of the assessee for assessment year 1986-87. ..... in our opinion, simply because schedule iii has been made a part of the wealth-tax act, would not mean that the provisions contained therein would apply only to assessment years ..... filed this wealth-tax return for assessment year 1986-87 on net wealth of rs ..... 12,51,926) to the net wealth of the assessee which was computed vide assessment order dated 28-3- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)89ITD510(Delhi)
..... has observed as under: "the main provision of section 25(2) of the wealth-tax act, 1957, is in pari materia with the main provision of section 263(1) of the income-tax act, 1961. ..... section 25(2) of wealth-tax act, 1957.3 ..... made without taking into account the estimate made by dvo was a erroneous and prejudicial order, therefore, commissioner was justified in revising the same under section 25.since the wealth tax officer had made reference to the valuation officer under section 16a of the wealth tax act for the assessment year under consideration, it was incumbent upon him to have considered the report of the said valuation officer which was relevant for ..... the valuation report prepared by the valuation officer has not been prepared in accordance with the provisions of section 16a of wealth-tax act and therefore the same could not have been adopted as the basis for determining the value of assets. ..... in case he is of the opinion that the value of the asset is higher than the value declared in the return made by assessee under section 16 or 15, he shall serve a notice on the assessee intimating the value which he proposes to estimate and give the assessee an opportunity to ..... order by observing as under: "thus in view of the objections raised by the assessee & para wise replies thereto furnished as above the preliminary valuation estimate needs no change or alteration & final order under section 16a(3) of w.t. ..... under section 16(3) of the w.t.act was completed on 4-2-1992 determining net wealth .....
Tag this Judgment!