Court : Andhra Pradesh
Reported in : [1995]216ITR435(AP)
..... this is an application under section 27(3) of the wealth-tax act, 1957, by the revenue for directing the tribunal to state a case and make a reference of the following questions of law : '(1) whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in holding that the two partial partitions on january 19, 1976, and october 16, 1978, are valid in law and satisfy the requirements of section 171 indisputedly effected before march 31, 1978 (2) whether, on the ..... facts and in the circumstances of the case, the appellate tribunal is right in law in holding that the partitions dated january 19, 1976, and october 16, 1978, were ostensibly adverted in the best interest of the family and its members and the income from the assets in question subjected to the above partial partitions ..... however, for the purpose of wealth-tax, the tribunal came to the conclusion that the said partial partitions were genuine and were valid under the hindu law and accordingly decided the case in ..... the said application was rejected and, therefore, this petition under section 27(3) of the act has been made for directing the tribunal to state the case and to ..... counsel for the parties, we are of the view that the tribunal ought to have referred the first question to this court under section 27(2) of the act, as it does give rise to a question of law. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1968]67ITR138(P& H)
..... finding of the court, as given in the head-note, are as follows :'(i) that the first consideration before holding a receipt to be profit or gains within section 10 of the income-tax act was to see if there was a business at all of which it could be said to be income. ..... the tribunal tried to distinguish this case with the following remarks :'in that case the decision went in favour of the commissioners of inland revenue because it was found that the contract was an agency contract which constituted a very large part of the ..... this order was upheld by the appellate assistant commissioner of income-tax but, on appeal by the same as capital and not revenue in the hands of ..... commissioner of income-tax and commissioner of income-tax v. ..... at the instance of the income-tax commissioner, therefore, the following question of law was referred to this court :'whether, on the facts and in the circumstances of the case, the receipt ..... but where a person who is carrying on business is prevented from doing so by external authority in exercise of a paramount power and is awarded compensation therefor, whether the receipt is a capital receipt or a revenue receipt will depend upon whether it is compensation for injury inflicated on a capital asset or on a stock ..... on its own facts, and the desire to base ones decision on another case in which the facts appear to be near enough, sometimes leads to error....the english cases.....when cited before the judicial committee in commissioner of income-tax v. .....
Tag this Judgment!Court : Allahabad
Reported in : [1962]45ITR125(All)
..... the appellate assistant commissioner, the point taken was that the income-tax officer had not properly appreciated the manner of calculating profits under section 10(2)(vii) of the income-tax act on the disposal of the quadruple and, consequently, the finding arrived at by the income-tax officer was not ..... expenditure under section 10(2)(xv) of the income-tax act but this objection was rejected by the income-tax officer, the appellate assistant commissioner as well as the income-tax appellate tribunal. ..... privy council was, on the other hand, quite similar to the case before us as in that case also the amount paid as tax under one of the local laws was held to be a deductible expenditure and not equivalent to profits and gains mentioned in section 10(4) of the income-tax act on the ground that the tax was being imposed on the basis of estimated income and not on the basis of determined profits or gains. ..... tribunal from which we have mentioned the facts above shows that the tribunal was itself clearly of the opinion that it had the power to entertain or refuse to entertain this new ground but it chose to refuse to entertain the new ground of attack for the reason that the assessee had not raised that ground before the income-tax officer and the appellate assistant commissioner. ..... any contract between the company and the authorities of the school under which it could have been held that the payment was related to any rights or favours being granted to children of the companys workers. .....
Tag this Judgment!Court : Kerala
Reported in : (2006)199CTR(Ker)279
..... the day to be commenced subsequently for which purpose seals were placed on the entire place/on almirah in the bedroom in our presence.an order under section 132(3) of the income tax act, 1961 in respect of the sealed premises almirah in the bedroom was served on sri c. ..... for the respondents supported the judgment of the learned single judge and submitted that the department had failed to follow the provisions of section 132 of the income tax act and the entire search and seizure operation have to be rendered invalid. ..... section 158bc were issued by the assistant commissioner of income tax, investigation circle 1, calicut on 16-4-1996 on the basis of the records and reports received from the concerned assistant director of income tax ..... the apex court in pooran mal's case (supra) had elaborately considered the scope of section 132 of the income tax act and rules 112 and i i 2a of the income tax rules, 1962 as well as articles 14 and 19(1) (f) and (g) of the constitution of india and held as follows :'.........it is a well-known fact of our economic life that huge sums of unaccounted money are in circulation ..... therefore, in the interest of the community it is only right that the fiscal authorities should have sufficient powers to prevent tax evasion.search and seizure are not a new weapon in the armory of those whose duty it is to maintain social security ..... , penalty and prosecution in case any of the facts ..... the stay granted by this court entire assessment proceeding under section 158bc are .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]65STC215(Raj); 1985(1)WLN100
..... assessing authority started calculating sales tax at 6 per cent on items mentioned above from 1st january, 1964, in pursuance of a departmental clarification issued on the basis of an interpretation given by the government of india that these items would not come under the definition of 'iron and steel' as defined under section 14 of the central sales tax act and as notified under the ..... sheets fall within the ambit of 'iron and steel' in entry 2 of the third schedule to the andhra pradesh general sales tax act, 1957.the words 'that is to say' occurring immediately after 'iron and steel' in entry 2 show that the legislature intended to adopt the most general concept of iron ..... allahabad high court in commissioner of sales tax, uttar pradesh, lucknow ..... where, as in megh raj's case air 1947 pc 72, the amplitude of legislative power to enact provisions with regard to 'land' and rights over it was meant to be indicated, the expression was given a wide scope because it came after the word 'land' and then followed ..... legislation, was obviously to lay down a wide power to legislate. ..... as a result of perforation of iron sheets a different commercial commodity comes into existence and since perforated iron sheet is not covered by the categories mentioned in section 14(iv) of the central sales tax act, 1956, as amended by the central sales tax (amendment) act, 1972, it could not be treated as iron and steel but had to be treated as an unclassified item for the purposes of assessment under the u.p .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1973]91ITR501(P& H)
..... case was whether reference to amounts collected by way of tax under that act in section 11(2) of the act, could mean all the tax collected by the assessee irrespective of the fact whether he could collect the same under the act or not, and while interpreting sub-sections (1) and (2) of section 11 of the act, it was held by the mysore high court that the words 'amount collected by way of tax under this act' in section 11(2) of the act could only mean sums collected in respect of sale ..... no difference between one type of receipt and another, and that any receipt of money by a dealer from the purchaser was a ' collection by way of tax' within section 11(2) of the act, provided it had some relation to sales tax, and that it mattered not that the receipt was merely a deposit by the payer carried to suspense account, the amount being received on the express undertaking and definite condition that the ..... in the present case, as i have already referred to the finding of fact recorded by the appellate assistant commissioner that there was no evidence led by the assessee that the amount in question was recovered as deposit, stands intact and the said finding of fact was neither assailed before the ..... in that case, the assessee granted a mining lease and the lessee undertook to pay, in addition to the rents and royalties, all taxes, rates, assessments and impositions in the nature of public demands which might be charged upon or in respect of the mines and works of the lessee or any part .....
Tag this Judgment!Court : Mumbai
Reported in : (1995)125CTR(Bom)461; [1995]213ITR1(Bom)
..... the bank was sought to be assessed to tax under the wealth-tax act in respect of the net wealth of the trusts in question, it claimed exemption under section 5(1)(i) of the wealth-tax act, 1957 ('the act'). ..... the conditions for grant of exemption from wealth-tax under section 5(1)(i) being wholly different and distinct, for the purpose of deciding the claim of an assesses for exemption under the wealth-tax act, any decision under the income-tax act in regard to exemption or taxability of its income under the said act would have no ..... - subject to the other provisions contained in this act, there shall be charged for every assessment year commencing on and from the first day of april, 1957, 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 specified in the schedule.' ..... bank appealed to the appellate assistant commissioner of wealth-tax, who held that the trusts fulfilled the requirements of section 5(1)(i) of the act and so the wealth of the said trusts was exempt from wealth-tax. ..... this reference made under section 27(1) of the wealth-tax act, 1957, at the instance of the revenue, the following question has been referred by the tribunal to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the wealth of the trust is exempt under section 5(1) of the wealth-tax act, 1957 ?' 2. .....
Tag this Judgment!Court : Karnataka
Reported in : [1992]193ITR41(KAR); [1992]193ITR41(Karn)
..... following question is required to be answered under the provision of the wealth-tax act, 1957 ('the act' for short) : 'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in coming to the conclusion that there is no provision in the wealth-tax act to make an assessment on the erstwhile hindu undivided family in case where the karta of the said erstwhile hindu undivided family has filed the return of wealth of the hindu undivided family and thereafter died before ..... thus, this language is substantially similar in its structure to section 4 of this income-tax act whereunder income-tax shall be charged in respect of the total income of the previous year of every person. ..... the question was whether section 171(1) of the income-tax act could be applied to make as order of assessment assessing the erstwhile hindu undivided family. ..... counsel for the revenue, contended that the hindu undivided family is a 'person' and when it is said that the hindu undivided family ceased to exist, it is the same as the death of a person, the subject which is covered by section 19 of the act and, therefore, the surviving member of the hindu undivided family could be assessed as the legal representative representing the erstwhile hindu undivided family. ..... nor could the individual members of the family be taxed in respect of such income as the same is exempt from tax under section 14(1) of the act. .....
Tag this Judgment!Court : Delhi
Reported in : 1992(22)DRJ334
..... which wealth-tax is not chargeable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953;xxxxx' section 3 - 'subject to the other provisions contained in this act, there shall be charged for every assessment year commencing on and from the first day of april 1957, a tax hereinafter referred to as wealth-tax in respect of the net wealth on ..... firm is really the property of the partners which is contrary to what was held by the madras high court in purshottam gocooldass, however, instead of granting benefit of exemption under section 5(1)(iv) to a partner who is really an assessed under the sales tax act, this judgment holds that the exemption should be taken for consideration in determining net wealth of the firm. ..... commissioner of wealth tax was of the opinion that the order of the wealth tax officer allowing the exemption under section 5(1)(iv) to the extent of rupees one lac was erroneous and, thereforee, ..he served a notice on the assesses to show cause why the same should not be cancelled and assessment be not made afresh by withdrawing the benefit of the exemption under section 5(1)(iv) of the act ..... the value of the assessed's interest in the partnership firm has been determined under section 4(i)(b), the question of granting exerntpion in respect of the assets which have been included in the valuation will .....
Tag this Judgment!Court : Mumbai
Reported in : [1963]50ITR267(Bom)
..... . commissioner of wealth-tax and which also is one of the questions that arises before us, was whether in computing the net wealth of the assessee the amount for the payment of income-tax and super-tax in respect of the income of the year of account was a debt owed within the meaning of section 2(m) of the wealth-tax act and as such deductible in computing the net wealth of the assessee ..... subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from the first day of april, 1957, 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 specified in the schedule. ..... now, as against the relief granted by the appellate assistant commissioner in respect of the said amount of rs. ..... . the relief in respect of the said amount was granted to it by the appellate assistant commissioner ..... . the wealth- tax officer may also, if he finds that the figures mentioned in the balance-sheet have not been truly stated, examine the correctness of the figures, but beyond that the wealth-tax officer has no power to make any adjustment ..... . the reason which appears to have weighed with the tribunal is that the employees' claim for gratuity when granted by the industrial court is a liability of the business and, therefore, should be allowed as a deduction. 51 .....
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