Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 35ga power of commissioner to grant immunity from prosecution Page 12 of about 739 results (1.591 seconds)

Commissioner of Wealth-tax (Central) Vs. T. Meenakshi Achi

Court : Chennai

Reported in : [1970]75ITR122(Mad)

..... at the instance of the commissioner of income-tax, the reference comes before us of the question :' whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the value of shares transferred by the assessee to her minor son is not caught by section 4(1)(a)(ii) of the wealth-tax act, and is not therefore liable to be included in her wealth-tax assessments for the years 1960-61 and 1961-62?'2. ..... though, at flrst sight, section 16(3) of the income-tax act and section 4(1) of the wealth-tax act may appear to resemble each other, on closer scrutiny, they are different, both by the language which is employed and also in that the wealth-tax act has no history, such as section 16(3) of the income-tax act has had for its enactment. ..... her contention that she was not caught by section 4(1)(a)(ii) of the wealth-tax act was overruled by the department, but accepted by the tribunal. ..... apart from that, the word ' such ', occurring in every provision succeeding the provision analogous to section 4(1)(a)(i) of the wealth-tax act, in the language of section 16(3) of the income-tax act, fixes the meaning of ' individual ' which, in the context of the wife, meant a male. ..... sobra devi, : [1957]32itr615(sc) which has been strongly pressed upon us for the assessee, found ambiguity in the language of section 16(3), and solved it in the light of the history of the provision, particularly the report of the select committee, which led to its enactment. .....

Commissioner of Wealth-tax Vs. Sita Venkataramani and ors.

Court : Chennai

Reported in : [2000]245ITR68(Mad)

..... 1981 of 1984 are at the instance of the commissioner of wealth-tax, tamil nadu-i, madras, and the income-tax appellate tribunal, madras bench 'b', madras (hereinafter to be referred to as 'the tribunal'), has stated a case and referred the following question of law under section 27(1) of the wealth-tax act, 1957 (hereinafter to be referred to as 'the act'). ..... 1211 of 1991 is also at the instance of the commissioner of wealth-tax, tamil nadu-i, madras, and the tribunal has stated a case and referred the following question of law under section 27(1) of the act :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the asses-see's share liability, as legal heir of the estate of his late father, had actually become due and as such is deductible, ..... the circumstances of the case, on a partial distribution of the assets and liabilities of the estate of the deceased, the assessee, legal representative could deduct the debts allotted to her share in computing her own net wealth under the wealth-tax act, 1957 ?'2. ..... counsel submitted that the liability could extend only to the extent of the value of the property inherited by the assessees from their deceased father and the deduction cannot in any event exceed the value of the property inherited by the assessees. ..... a conditional obligation, it has been said there, or an obligation granted under a condition which is uncertain, had no obligatory force till the condition was .....

State Bank of Travancore Employees Union Vs. Commissioner of Wealth-ta ...

Court : Chennai

Reported in : (1998)149CTR(Mad)418; [1999]238ITR466(Mad)

..... the charge to wealth-tax is created under section 3 of the wealth-tax act, 1957, which creates a charge for wealth-tax in respect of the net wealth of 'every individual, a hindu undivided family and the company'. ..... by section 40 of the finance act, 1983, the levy of wealth-tax on companies was revived on and from the assessment year 1984-85 and that was limited to only closely held companies. ..... after having made these observations, the court proceeded to hold that the word 'individual' in section 16(3) of the indian income-tax act, 1922, referred only to an individual capable of having a wife or minor child or both, and that would necessarily exclude from its purview a group of persons forming a unit or a corporation created by a statute and is confined only to human beings who in the context would be comprised within that category. 3. ..... under a statute, are not included, and were never meant to be included in the word 'individual' used in that section, is evident from the legislative history of the definition of 'company', parliament being of the view that apart from the company registered under the companies act, no other incorporated juristic entity could be subjected to wealth-tax, the definition of 'company' was enlarged from time to time to take within its fold other juristic entities, besides companies registered under the companies .....

Commissioner of Income-tax Vs. A.T. Balakrishnan (Decd.) and ors.

Court : Chennai

Reported in : [1999]238ITR801(Mad)

..... 2) act, 1980, with effect from april 1, 1980, and for the assessment year under consideration, the provisions of section 20a of the wealth-tax act have no application. ..... he submitted that even though under the provisions of section 20 of the wealth-tax act, there was no need to recognise a partial partition as the provisions for recognising the partial partition under the wealth-tax act came into force by section 20a of the wealth-tax act introduced by the finance (no. ..... we have already seen that under section 20 of the wealth-tax act, there is no necessity to pass an order recognising the partial partition as the provisions of section 20 of the wealth-tax act are applicable only in the case of total partition of the properties of the hindu undivided family. ..... in the above batch of tax cases, following questions of law arising under the income-tax act, 1961, as well as under the wealth-tax act, 1957, for certain assessment years in respect of some of the assessees have been referred to us for our consideration :t.c. no. ..... the appellate assistant commissioner noticed the events that led to the declaration as well as the partial partition. ..... the assessee went in appeal before the appellate assistant commissioner. .....

Commissioner of Wealth Tax. Vs. Shri Thirupathy Kumar Khemka and ors.

Court : Chennai

..... prayer: tax case appeal nos.1498, 1499, 1500, 1501 and 1502 of 2005, 123, 124, 125, 126, 164, 165, 1156, 1157, 1158, 1159, 1160 and 1161 of 2006 are filed under section 27a of the wealth tax act, 1957 against the order dated 10.02.2005 in wta nos.46, 74, 68, 81, 51, 43, 45, 52, 53, 44, 54, 72, 70, 71, 85, 86 and 88/mds/99.judgment(judgment of the court was delivered by chitra ..... on the facts and circumstances of the case the tribunal was right in not applying the specific provisions of rule 21 to schedule iii of the wealth tax act, which provides that the restrictive covenant price shall be ignored for the purpose of ascertaining the market value?2. ..... the contention of the assessee that the shares could not be sold easily in the market during the lock-in period, the officer pointed out that even if it be so, as per rule 21 of the iii schedule to the wealth tax act, such restrictive covenants should be ignored for the purpose of determining the market value of the shares. ..... thus, the commissioner pointed out that the valuation taken in the income tax act proceedings could not be adopted as such for the wealth tax act in view of the concept of "fair market value" of the asset as on the valuation ..... question arises under the wealth tax act regarding the valuation of shares which were allotted to the shareholders from promoters quota. ..... the question as to what could be the degree of depreciation that may be granted to the shares, remains without any guidelines provided for in part c of the .....

Commissioner of Wealth-tax Vs. Associated Cement Companies Ltd.

Court : Mumbai

Reported in : [1987]169ITR294(Bom)

..... it was in the context of the second proviso that the supreme court said thus (at page 484) :'since the act (that is, the wealth-tax act, 1957), came into force on april 1, 1957, the financial year 1957-58 was the first assessment year for which tax became chargeable, land, consequently, for the purposes of the second proviso to section 5(1)(xxi), the assessment year following the commencement of operations for establishment of the unit in the case of any company which commenced the ..... this judgment of the supreme court is, therefore, not an authority for the proposition that the words 'after the commencement of the wealth-tax act' in the said clause (xx) of sub-section (1) of section 5 mean after the commencement of the operation of the wealth-tax act, 1957, in respect of the company as on the valuation date, namely, july 31, 1956, and not on the date april 1, 1957, when the said act came into force. ..... ramaraju surgical cotton mills limited : [1967]63itr478(sc) , accepted the contention that 'so far as the assessee is concerned, the wealth-tax act, though it came into force from april 1, 1957, it is the specific net wealth on the valuation date that was computed and taxed'. .....

Hajee Abdul Sattar Sait Vs. Commissioner of Wealth-tax

Court : Karnataka

Reported in : [1990]186ITR134(KAR); [1990]186ITR134(Karn); 1990(2)KarLJ113

..... opinion reads : 'whether, on the facts and in the circumstances of the case and on a true construction of sections 7(1) and 2(m) of the wealth-tax act, 1957, the tribunal was right in holding that, in valuing the assessee's properties under section 7(1) and computing his net wealth under section 2(m) for the assessment year 1963-64, the assessee was not entitled to deduction of liability for capital gains tax which was a statutory liability of the assessee if the assessee's properties were sold or deemed to have been ..... all these eight references have been made under section 27 of the wealth-tax act, 1957, by the income-tax appellate tribunal, bangalore bench, on the application made by the assessee to the tribunal. 2. ..... the conditions of the lease were that, before any assignment or transfer of the land and building permission should be obtained for doing so from the delhi development authority, and further, fifty per cent. ..... in that case, the question for consideration was whether in computing the value of an immovable property as on the valuation date, brokerage or commission payable by the vendor in the event of sale was deductible from the value of the asset as on the date of valuation. ..... leasehold interest would fetch and that the only way of valuation in a case of this kind was to take the market value of the leasehold interest as if it were unencumbered or unaffected by the burden or restriction of clause (13) and to deduct from it 50 pet cent. .....

Commissioner of Wealth Tax, Gujarat Vs. Lov S. Kinariwala

Court : Supreme Court of India

Reported in : AIR2003SC537; (2003)179CTR(SC)9; [2003]259ITR440(SC); JT2002(10)SC212; (2003)2SCC13; [2002]SUPP5SCR44; 2003(1)LC524(SC)

..... this appeal, by the revenue, arises from the common order passed by the high court of gujarat on an application under section 27(3) of the wealth tax act declining to direct the income tax appellate tribunal (for short, 'the tribunal') to state the case and refer to it the following question of law:'whether the appellate tribunal is right in law and on facts in confirming the order passed by the commissioner of wealth-tax (appeals) directing the assessing officer to exclude the value of the assets transferred ..... as it may, we have held above that on the findings recorded both by the commissioner (appeals) as well as by the tribunal, the high court was right in rejecting the application under section 27(3) of the wealth tax act.8. ..... in the order under challenge, the high court mentioned two grounds for rejection of the application under section 27(3) of the wealth tax act, namely, (1) the decision of the tribunal is on the question of fact emanating from the record and no question of law arises out of it; and (2) relied upon the judgment of the gujarat high court in ..... of assets was not sham and bogus activity, the question sought to be referred would not arise and, therefore, the tribunal under section 27(1) of the wealth tax act and the high court under section 27(3) of the wealth tax act were right in rejecting the application of the revenue.7. ..... 2002 (commissioner of wealth tax, gujarat v ..... the assessing officer of the wealth tax rejected the claim of the assessee taking the view that .....

Commissioner of Wealth-tax Vs. R.K. Gupta

Court : Delhi

Reported in : [1990]183ITR640(Delhi)

..... application under section 27(3) of the wealth-tax act, 1957, whereby the petitioner seeks a direction to the tribunal to state the case and refer the following question of law to this court: 'whether, on the facts and in the circumstances of the case, the tribunal was correct in upholding the order of the commissioner of wealth-tax (appeals) who directed the valuation of shares of the private limited company by adopting the yield method as against rule 1-d of the wealth-tax rules?' 2 ..... observed, it is possible that, in a particular case, notwithstanding an earlier decision of the court, the petitioner may be above to persuade the bench hearing an application under section 27(3) of the wealth-tax act or section 256(2) of the income-tax act that, for good reasons, the earlier decision may require reconsideration. ..... ] 171 itr 489, but that is only concerned with section 16a of the wealth-tax act and is not concerned with the interpretation of rule 1d. ..... cwt : [1986]159itr549(delhi) , the commissioner of wealth-tax (appeals) directed that the said shares should be valued by applying the ..... case, with regard to the interpretation of rule 1d, qua the method to be followed for valuation of the shares, the ratio of sharbati devi's case : [1986]159itr549(delhi) , has not been differed from by any other high court. ..... apart from sharbati devi's case : [1986]159itr549(delhi) , the bombay high court has also held that the share should be valued by applying the yield method in the case of kusumben .....

Commissioner of Wealth-tax Vs. Smt. Rajkumari Bangur

Court : Rajasthan

Reported in : [1986]158ITR47(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. ..... moved these applications and has prayed that the tribunal be directed to make reference to this court on the following question of law i '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 the original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957?'4. ..... 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 docs 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 mis-take apparent from the record'. .....