Court : Mumbai
Reported in : (1991)97CTR(Bom)150
..... in this department reference relating to the assessee's wealth-tax assessments for assessment years 1971-72 and 1972-73, the tribunal has referred to this court the following questions of law for opinion under section 27(1) of the wealth-tax act, 1957 : '1. ..... vasantkumar govindji kotak : [1990]186itr91(bom) , the loans, in so far as they are taken on the security of assets not chargeable to wealth-tax, wholly require to be disallowed under section 2(m)(ii) of the wealth-tax act, 1957. ..... 1,95,550 and raised by the assessee on the security of his life insurance policy, house property and shares were deductible as debts in the computation of his net wealth and were to not hit by sub-clause (ii) of clause (m) of section 2 of the wealth-tax act ?' 2. ..... 1 lakh - and the house property is, therefore, wholly exempt from tax under section 5(1)(iv) of the wealth-tax act - the amount of loan will have to be excluded, as it will be hit by the provision of section 2(m)(ii). ..... there being no materials to identify the shares pledged, it may be reasonably assumed that the loans were taken against the security of the shares which were not exempt from tax. ..... it is seen from the orders of assessment as reproduced in the statement of the case that the loans in dispute were taken by the assessee on the security of certain assets as under : -------------------------------------------------------------------assessment security for amount of total remarksyear loan obtained loanor .....
Tag this Judgment!Court : Mumbai
Reported in : (2008)110BOMLR1106; (2008)217CTR(Bom)531; [2008]300ITR193(Bom)
..... the appeal before the tribunal was against the order of the commissioner (appeals) which has taken a view that the provision of section 17(1) of the wealth tax act are similar to section 14 of the said act and as the notices were issued beyond the time prescribed, the assessments are not correct in law and therefore, cancelled. ..... the question that we are called upon to answer is whether the view taken by the tribunal flows from the provisions of section 17 read with sections 14 to 16 of the wealth tax act. ..... relevant assessment year) and the provisions of this act shall so far as may be apply as if the return were a return required to be furnished under section 14.provided that where an assessment under sub-section (3) of section 16 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any net wealth chargeable to tax has escaped assessment for such assessment year ..... noting the lacunae, parliament amended section 148 of the income tax act by finance act, 2006 with effect from 1.10.1991. ..... in other words does section 17 confer power on the assessing officer in case where section 17 is invoked to independently make an order of assessment in a case where a return is filed under section 14 after notice and after the period of twelve months have expired from the date of filing the return. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]171ITR41(AP)
..... , on the facts and in the circumstances of the case, and on a correct interpretation of the proviso to section 4(1)(a) of the wealth-tax act, 1957, the tribunal was right in including the value of the assets gifted by the assessee to his wife on march 31, 1967, in computing his net wealth ?' 2. ..... held that the intention of parliament in enacting the proviso was to exclude from the net wealth of an assessee, the assets transferred by an assessee to his spouse where gift-tax is chargeable or where the transfer is exempt under the gift-tax act. ..... appeal, the appellate assistant commissioner agreed with the wealth-tax officer and dismissed the appeal ..... the other, centres round the question whether the exemption provided for by the proviso is confined to the assessment years 1964-65 to 1971-72 or whether it applies to subsequent years as well, so long as the transfer was chargeable to, or exempted from, gift-tax under the gift-tax act for any of the said assessment years. ..... it says that where the transfer of such assets is either chargeable to, or is exempted from, tax under the gift-tax act, for any assessment year commencing with 1964-65 and ending with the assessment year 1971-72, the value of the said assets shall not be included, it is necessary that the assets transferred are in the ..... legal representatives claimed that the value of the immovable properties gifted by the assessee to his wives prior to april 1, 1964, should be excluded from the computation of the wealth of the assessee. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2003)184CTR(P& H)359; [2003]262ITR403(P& H)
..... however, the commissioner of wealth-tax (appeals), on the basis of the order passed in respect of the flat of the assessee in reviera apartments came to the conclusion that this plot also belonged to the assessee within the meaning of section 2(m) of the wealth-tax act and here the commissioner of wealth-tax (appeals) assessed its valuation on the different valuation dates for the purposes of wealth-tax and detailed the same at pages 48 and 49 of his order from the assessment year 1969-70 to 1980-81 (assessment year 1969-70 in question).'7. ..... tribunal was right in law in holding that the flat in reviera apartment delhi, okhla industrial area, delhi, and hotel site in chandigarh did not belong to the assessee within the meaning of section 2(m) of the wealth-tax act, and hence could not be assessed, as such in his hands merely on the ground that these have not been transferred in his name particularly when the assessee had made full or partial consideration of the value of ..... this is an appeal under section 27a of the wealth-tax act, 1957 (for short, 'the act'), for determination of the following questions of law :'(i) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that flat in 'reviera apartment' delhi, okhla industrial area, delhi, and hotel site in chandigarh did not belong to the assessee within the meaning of section 2(m) of the wealth-tax act and hence could not be assessed, as such in his hands merely .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1984SC963; (1984)39CTR(SC)153; [1984]146ITR228(SC); 1984(1)SCALE312; (1984)3SCC59; [1984]2SCR625; 1984(16)LC353(SC)
..... these appeals from the judgment of the high court of patna have come to this court by certificates granted under section 29 of the wealth tax act, 1957. ..... 388760 due from raja prithivichand lal chaughury under claim decrees obtained against them by the assessee under the bihar land reforms act are assets of the assessee within the meaning of wealth tax act, 1957, and have been valued under the said act by correctly applying the provisions of section 7 of the act for the purpose of including their values in the net wealth of the assessee?2. ..... 51,525 respectively, have been valued under the wealth, tax act, 1957, by correctly applying the provisions of section 9 of the act for the purpose of including their values in the net wealth of the assessee?question no. ..... (3), as this court has discussed in commissioner of wealth tax, bihar patna v. ..... we are of the opinion that in view of the principles discussed by this court in the case of commissioner of wealth tax, bihar, patna v. ..... the point has been discussed by this court in the case of commissioner of wealth tax, bihar, patna v. ..... we are of the opinion that in view of the well-settled principles which we have discussed in the case of commissioner of wealth tax, bihar, patna v. ..... it may be mentioned that the assessee had appealed to the appellate assistant commissioner and thereafter he had carried appeals to the tribunal also and had obtained some relief in the process. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [1970]78ITR483(SC)
..... 69 of 1963, by certificate granted under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as the ' act ').2. ..... , the appellate tribunal stated a case to the high court on the following questions of law :(1) whether, on the facts and in the circumstances of the case, in determining the net value of the assets of the assessee-company under section 7(2) of the wealth-tax act, the value of the company's fixed assets as shown in its balance-sheet as on the valuation date should have been substituted by the written down value of these assets as per the company's income ..... . commissioner of wealth-tax : [1966]59itr767(sc) ..... by its judgment dated january 29, 1965, the high court answered the first question in the affirmative and in favour of the respondent following its decision in commissioner of wealth-tax v. ..... (2) if the answer to the first question is in the negative, whether, on the facts and in the circumstances of the case, for the purposes of determining the net value of the assets of the company under section 7(2) of the wealth-tax act, an adjustment on account of normal depreciation of the fixed assets from the date of revaluation of the assets to the valuation date was justified 4. ..... in appeal, the appellate assistant commissioner confirmed the assessment. .....
Tag this Judgment!Court : Kerala
Reported in : (1991)99CTR(Ker)266; [1991]191ITR169(Ker)
..... in the appeal relating to the wealth-tax assessment, the appellate assistant commissioner deleted item no. ..... counsel for the revenue further stressed that the intangible additions made in the income-tax assessment are for the same year 1974-75 and once such additions are considered to be part of the real income of the assessee, it cannot admit of any doubt that they will form part of the 'assets' on the relevant valuation date under the wealth-tax act. ..... if the said intangible assets should be available to the assessee, like other book profits, we have no doubt in our mind that it will constitute an asset of the assessee on the relevant valuation date, under the wealth-tax act also.7. ..... this court held that the assessee did not admit that the additions to the income made for the assessment years 1957-58, 1958-59 and 1959-60 were available with him on any later date, in part or whole, as' his asset, and there was no presumption that the 'whole income' or any part of it continued as an asset of the assessee. ..... to be part of the real income and should be held to have the same concrete existence and, on that basis, it should have been held by the appellate tribunal that they are 'assets' on the valuation date assessable as wealth under the wealth-tax act as well. .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]259ITR149(Guj)
..... assistant commissioner, the impugned order merges in the order of the appellate tribunal when the appeal is disposed of on the merits and then the revision under section 25 of the wealth-tax act would not lie against the order of the appellate assistant commissioner even ..... act, 1998, along with interest payable by the petitioner on the amounts as ascertained under the kvss at the rate/s applicable to the outstanding dues payable by the assessee under the provisions of the income-tax act, 1961/wealth-tax act, 1957, as the case may be, for the period from march 9, 1999, to september 9, 2002, and also requiringthe petitioner to pay interest at the same rate for the period from ..... the revision applications under section 264, as the designated authority under the kvss cannot exercise the powers of the revisional authority under section 264 of the income-tax act/ section 25 of the wealth-tax act, even if the ..... tax dues outstanding as on march, 31, 1998, by offering waiver of a part of the arrears of tax, interest and penalty and providing immunity against institution of prosecution ..... from the date of receipt of the declaration under section 88, the designated authority shall, by order, determine the amount payable by the declarant in accordance with the provisions of this scheme and grant a certificate in such form as may be prescribed to the declarant setting forth therein the particulars of the tax arrear and the sum payable after such determination towards full and final settlement of tax .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR385(Raj)
..... in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs. ..... has moved these applications and has prayed that the tribunal be directed to make a reference to this court on the following question of law : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957 ?' 3. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment does not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by the petitioner calling upon the tribunal to make a reference on the said question.10. ..... the language of section 35, which confers the power of rectification, shows clearly that the error which can give jurisdiction to a revenue authority to initiate rectification proceedings must be 'a mistake apparent from the record'. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]257ITR294(Raj)
..... referring to the phraseology used in cognate taxing statutes like the indian income-tax act, 1922, and the gift-tax act, 1958, and existing decided cases considering the charging sections of the indian income-tax act, 1922, the court said (page 4) :'when the wealth-tax act, 1957, was passed, the legislature decided to specify only 'individual, hindu undivided family and company' as ..... this is an application under section 27(3) of the wealth-tax act, 1957, for requiring the income-tax appellate tribunal, jodhpur bench, jodhpur, to submit the statement of case and refer the questions of law said to be arising out of the tribunal's order dated ..... badan kanwar medical trust, in pursuance of the order under section 25(2) of the wealth-tax act passed by the commissioner of wealth-tax and assessment was made on the trust under section 16(3) by the assessing authority by issuing notice to it through ..... , decided to exclude 'firms', 'association of persons' and 'body of individuals' from the ambit of the charge of wealth-tax. ..... of 'association of persons' or 'body of individuals' which made it possible to tax an 'association of persons' or 'a body of individuals' only when the 'individual' member of association of persons or body of individuals is known but his share in the assets held by the association of persons or body of individuals is not determinable but not otherwise (page 10) :'in our view, section 21aa far from helping the case of the revenue directly goes against its contention. .....
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