Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 35ga power of commissioner to grant immunity from prosecution Page 1 of about 739 results (0.322 seconds)

Kotak Mahindra Bank Limited Vs. Commissioner Of Income Tax Bangalore

Court : Supreme Court of India

..... the settlement commission shall not grant immunity from prosecution for any offence under the indian penal code (45 of 1860) or under any central act other than this act and the wealth-tax act, 1957 (27 of 1957) to a person who makes an application under section 245c on or after the ..... 14 further, on perusal of section 245h of the act which discusses the commission s power to grant immunity from prosecution and penalty, it was observed that necessary ingredients for granting immunity from prosecution would be: (a) the assessee should have co-operated with the settlement commission in the proceedings before it; and (b) the assessee should have made a full and true ..... application filed under section 245c had to call for a report from the commissioner and on the basis of the material contained in such report and having regard to the nature and circumstances of the case or the complexity of the investigation involved therein, the settlement commission was empowered to reject or allow the application to be proceeded with, within the prescribed period and it is in this background that the granting of immunity from prosecution ought to have ..... commission rendered a positive finding that the appellant had extended cooperation and had made a true and full disclosure and thereafter, in exercise of power under section 245h, the commission granted immunity from prosecution and penalty to the appellant, the high court ought not to have interfered with the decision of the settlement commission. .....

Rama Nath Vs. Special Chief Judicial Magistrate

Court : Allahabad

Reported in : [2009]185TAXMAN381(All)

..... by the settlement:provided that no such immunity shall be granted by the settlement commission in cases where the proceedings for the prosecution for any such offence have been instituted before the date of receipt of the application under section 245c:provided further that the settlement commission shall not grant immunity from prosecution for any offence under the indian penal code (45 of 1860) or under any central act other than this act and the wealth-tax act, 1957 (27 of 1957) to a person who makes an application under ..... power of settlement commission to grant immunity from prosecution and penalty. ..... agrawal argued that the settlement commission had granted immunity to the applicant from prosecution for any offence under the income-tax act or under the indian penal code or any other central act for the time being in force in exercise of the powers conferred upon the commission under section 245h of the income-tax act, hence, no prosecution can be launched against him for the non-payment of income-tax, interest or penalty, if any. ..... the orders of imposing penalty under section 221 of the income-tax act were challenged by the applicant before the commissioner of income-tax in which partial relief was given to him by the commissioner of income-tax vide its order dated 22-2-1989. ..... a look at the above provision would reveal that the settlement commission has the power to grant immunity from prosecution with respect to the case covered by the settlement. .....

Commissioner of Wealth-tax Vs. D. Krishna Murthy

Court : Chennai

Reported in : [2000]243ITR509(Mad)

..... 89 of 1994 is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the land and building. ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided family at rs. ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the assessment year. ..... house, the superstructure of which is owned by the assessee in his individual capacity and the land on which the building stands is owned by the assessee as karta of the hindu undivided family could be valued by applying the provisions of section 7(4) of the wealth-tax act ?'5. ..... to put up a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the hindu undivided family for the purpose of wealth-tax. .....

Commissioner of Wealth-tax, Gujarat Vs. Raipur Manufacturing Company L ...

Court : Gujarat

Reported in : (1963)0GLR741

..... the commissioner desires that we should frame the questions in the following for : '(1) whether, on the facts and in the circumstances of the case, the provision for income-tax which may become due on the profits of the previous year ending on the relevant valuation date is a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth-tax act, 1957 (as amended in 1959)? ..... it may be that, by reason of the regulations, and by reason of certain provisions of the act, the law society have power to deduct further sums from that money in exercise of some charge which they may have arising from the regulation, but that is merely a question of ascertaining the debt which has to be paid over to the assisted person and does not prevent that debt from being an existing debt at the material date.' 34. ..... requires as a dwelling house or a store house or an out-house; (iii) animals; (iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant; (v) any interest in property where the interest is available to an assessee for a period not exceeding six years.' 6. ..... he held that in the case of a debt existing in the life of the creditor which did not become payable until after his death his heirs could not obtain a decree without the production of a certificate granted under the succession certificate act. .....

Commissioner of Wealth Tax, Gujarat-iii, Ahmedabad Vs. Ellis Bridge Gy ...

Court : Supreme Court of India

Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626

..... section 8 of the wealth tax act provides that the income tax authorities specified under section 116 of the income tax act shall be the wealth tax authorities for the purposes of the wealth tax act and every such authority shall exercise the powers and perform the functions of the wealth tax authority in respect of any individual, hindu undivided family or a company, and for this purpose his jurisdiction shall be the same as he had under the income tax act by virtue of orders or directions issued under section 120 of that act or under ..... , : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... this is an appeal from an order passed by the high court of gujarat in which the following question of law was answered in the affirmative and in favour of the assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal has been right in law in holding that the assessee is not liable to wealth tax under the wealth tax act, 1957 for the assessment year in ..... authorities under the act like chief commissioner, commissioner, additional commissioner of income tax, assistant commissioner of income tax have been given the meanings respectively assigned to them under section 2 of the income tax act. ..... granted.38 .....

Commissioner of Wealth Tax Vs. Raipur Manufacturing Co. Ltd.

Court : Gujarat

Reported in : AIR1964Guj154; [1964]52ITR482(Guj)

..... the commissioner desires that we should frame the questions in the following form: - (1) whether on the facts and in the circumstances of the case, the provision for income-tax which may become due on the profits of the previous year ending on the relevant valuation date is a debt owed by the assessee on the valuation date within the meaning of section 2(m) of the wealth tax act, 1957 (as ..... dwelling-house or a store-house or an out-house; (iii) animals; (iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant; (v) any interest in property where the interest is available to an assessee for a period not exceeding six years;' the definition of the expression 'assets' is such as to embrace within its ambit property of every description except the ..... , by reason of the regulations, and by season of certain provisions of the act, the law society have power to deduct further sums from that money in exercise of some charge which they may have arising from the regulation, but that is merely a question of ascertaining the debt which has to be paid over to the assisted person and does not prevent that debt from being an existing debt at the material date.' 14. ..... in the case of a debt existing in the life of the creditor which did not become payable until after his death, his heirs could not obtain a decree without the production of a certificate granted under the succession certificate act. .....

Chiranji Lal and anr. Vs. Bhagwan Das and ors.

Court : Delhi

Reported in : AIR1991Delhi325

..... never shown as a partner or in any way interested in the said business and no entry could be found from the account books of the said partnership business showing that any amount had been withdrawn by chiranjilal or any amount bad been contributed towards the construction of the house he admitted that he and his wife are assessed to income-tax and wealth-tax since 1964 and they have been filing the income ..... is not applicable to the facts of the present case because admittedly the defendants have filed the income-tax and wealth-tax returns which contain the admission regarding their shares and the contribution made by them towards requiring of the ..... to the case of the defendants in view of the admissions made by the defendants in their income-tax and wealth tax matters which clearly show that their contribution was not more than one- fourth share in any event. ..... he has also contended that that copies of the income-tax assessment orders are not admissible in evidence: (11) section 45 of the transfer of property act lays down that where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the ..... the building could be partitioned by mates and bounds according to the shares of the parties mentioned above, could be decided only by the local commissioner who is to be appointed for suggesting mode of partition. ..... prosecuted as the sample was taken from .....

G. Topi Saheb Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Reported in : [1988]170ITR181(AP)

..... the assessee filed a further appeal before the income-tax appellate tribunal before the tribunal, the assessee contended that in the assessments made under the wealth-tax act for the earlier assessment years, the wealth returned by him has been accepted by the wealth-tax officer, which clearly shows that the assessee possessed substantial wealth from year to year, and which also shows that the investments made ..... tribunal was in error in holding that the assessment orders under the wealth-tax act for the assessment years 1966-67 to 1973-74 were made 'on a protective basis'; on the other hand, the said assessments were made on a regular basis, accepting the wealth returned by the assessee, and that the said assessment orders under the wealth-tax act completely and fully explain the investments during the accounting year relevant to ..... unobjectionable ; but, there is no material in this case, nor was any material placed by the assessee before the tribunal, to show that tax assessed under the wealth-tax act for the earlier assessment years has been collected by the revenue. ..... by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. ..... on appeal, the commissioner of income-tax (appeals) deleted certain items, as a result of which ..... a protective assessment is found to be incorrect, the protective assessment will be activised and the other assessment will be freezed or set ar naught or set aside by the exercise of suo motupower by the commissioner or otherwise. .....

Abdul Sathar Haji Moosa Sait Dharmastapanam Vs. Commissioner of Income ...

Court : Kerala

Reported in : [1988]169ITR84(Ker)

..... power of the appellate assistant commissioner under the wealth-tax act is as wide as it is in the case of his counterpart under the income-tax act, 1961 : (see section 23 of the wealth-tax act, 1957, and sections 250 and 251 of the income-tax act ..... points which arise in this case are as regards the scope of the remand order of the appellate assistant commissioner, pursuant to which the wealth-tax officer withdrew certain allowances granted under the original order and made certain additions and the method of valuation adopted by the tribunal in ..... interests of the person or persons on whose behalf or for whose benefit such assets are held falls short of the value of any such assets, then, in addition to the wealth-tax leviable and recoverable under sub-section (1), the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager or other person or trustee aforesaid in respect of the value of such assets, to the extent it exceeds the ..... accordance with the direction given by the appellate assistant commissioner in his order dated october 12, 1972, and that the wealth-tax officer exceeded his jurisdiction in so far as he determined the value of immovable properties by taking the average of the values arrived at by adopting the land and building method and the rent capitalisation method and in declining to grant exemption under section 5(1)(i) of the wealth-tax act for the assessment years 1967-68 to 1969-70 and .....

Shankerlal Gafurbhai Patel Vs. Commissioner of Income Tax

Court : Gujarat

Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)

..... , the definition of 'capital assets' under section 2(14) of the income-tax act, 1961, and 'assets under section 2(e) of the wealth-tax act, 1957. ..... commissioner of income tax, tamil nadu-v reported in : [1983]144itr886(mad) the court observed like this:'section 45 of the i.t.act enacts that tax under the head 'capital gains' shall be payable on any profit or gain arising from the transfer of a capital asset ..... para.6 we are, therefore, satisfied that the cwt(a) was fully justified in granting exemption under section 5(1)(xvia) of the act. ..... as the bond lost these two important characteristics after 27.10.1980, it cannot be said that the gold bond had retained the same characteristics and, therefore, no exemption can be granted under the act in respect of the gold bond after 27.10.1980.16. ..... the simple plain and obvious fact is that the state granted exemption in return for the right to retain the gold and when that right was given up in favour of the bond holder it withdraws their right to exemption ..... there is another important fact with regard to the exemption granted under the act to the gold bond. ..... thus, it can be said that exemption was granted in respect of gold belonging to the assessee, which was locked with the government for 15 years ..... 5(1)(xvia) the legislature would have mentioned the date till which the exemption in respect of the gold bond was to be granted or the legislature would have withdrawn the exemption by deleting the words 'and national defence gold bonds, 1980' from sec. .....