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Ved Prakash Narang Vs. Commissioner of Wealth-tax

Court : Allahabad

Reported in : [1988]172ITR184(All)

..... at the instance of the assessee, the income-tax appellate tribunal, allahabad bench, has referred the following two questions for our opinion under section 27(1) of the wealth-tax act, 1957 (briefly the act, 1957):'1. ..... so far as the assessment year 1970-71 is concerned, the order of the appellate assistant commissioner confirming the penalty imposed by the wealth-tax officer was affirmed by the tribunal.7. ..... whether, on the facts and circumstances of the case, penalty under section 18(1)(a) could be imposed on a legal heir, in view of the specific omission of sections 18 and 16 from section 19(3) in chapter v of the wealth-tax act, determining the liability and tax of a deceased person payable by the legal representative ? 2. ..... the tribunal also held that when an assessment was made on the assessee, then to take it to a logical end, it would be within the powers of the wealth-tax officer to levy penalty for not having filed the returns for both the years within time. ..... the assessee, being one of the heirs, applied for obtaining a succession certificate in respect of some of the assets to the civil court on november 24, 1969, and the certificate was granted on january 17, 1970. .....

Commissioner of Wealth-tax Vs. Anwar Hasim

Court : Kerala

Reported in : [1995]214ITR60(Ker)

..... the assessee claimed that in computing its net wealth, for purposes of assessment to wealth-tax, the amount covered by the order ought to be deducted as a 'debt owed' by it, within the meaning of section 2(m) of the wealth-tax act, 1957. ..... the firm claimed exemption from the liability to purchase tax under section 5a of the kerala general sales tax act, 1963, in respect of its purchases of prawns, under section 5(3) of the central sales tax act, 1956. ..... cwt : [1969]72itr107(mad) , the court said that the structure of section 23a of the indian income-tax act, 1922, and the manner in which the liability to additional super tax arises thereunder leave no room for doubt that the liability is not charged automatically by statutory force, but arises only from an order of the income-tax officer which he will make only after consideration of, and decision on, various factual factors. ..... the cases on hand stand on firmer footing for the reason that the liability accrued as and when the purchases were effected, and the amount due from the assessee, in the absence of any exemption, became crystallised by the end of the year. ..... according to him, sales tax could not be recovered from the assessee unless and until the assessment was completed and demand made for the amount due. ..... he sought to draw support for this proposition from the earlier decision of the supreme court in cwt v. ..... this view of ours finds support from the decision of the supreme court in cwt v. .....

Commissioner of Gift-tax Vs. Sundaram Industries Ltd.

Court : Chennai

Reported in : [1996]222ITR710(Mad)

..... it was further found in that case that the principle of method of valuation of property, under section 36 of the estate duty act on under section 7 of the wealth-tax act, 1957, or section 6 of the gift-tax act, 1958, is the same. ..... 1974-75 for our opinion under section 26(1) of the gift-tax act, 1958 : '(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that there was no undervaluation of shares sold by the assessee and hence, there was no scope for assessment of any deemed gift (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding the commissioner of income-tax (appeals) order allowing a discount ..... learned counsel also submitted that while determining the valuation of the shares, the tribunal has taken into consideration the profits to be made from the date of drawing of the balance-sheet immediately preceding the date of sale. ..... considering the fact that the profit for each share was worked out up to the date of sale and the restrictive clauses contained in the articles of association of the companies in question, the tribunal thought it fit to grant a discount at 30 per cent. ..... according to learned counsel for the assessee, in view of the depressing factors, referred to above, the granting of 30 per cent. ..... and in this case, the discount granted at 30 per cent. ..... was granted, which would result in the value coming down to rs. .....

Commissioner of Wealth Tax Vs. Chikmagalur Club

Court : Karnataka

Reported in : ILR2005KAR4673; [2007]290ITR522(KAR); [2007]290ITR522(Karn)

..... ground that in the quantum appeals filed by the assessee for the same assessment years, the tribunal has held that the provisions of section 21aa of the act would not apply to a mutual club like the assessee and therefore, the assessment orders are not sustainable as the assessee is not an entity susceptible for wealth-tax under the act, and therefore, no penalty for belated filing of the returns can be imposed on such assessee. ..... in the returns filed, the wto had assessed the wealth of the assessee in the status of individual and charged wealth-tax, under the provisions of the wt act, 1957 ('act' for short).3. ..... before all the forums, including before the high court, where the court has confirmed the orders passed by the tribunal in holding that the assessee is not liable to wealth-tax under the wt act, 1957, for the assessment years in question. ..... are indeterminate or unknown and, as a result, the taxpayers pay only a small fraction of the wealth-tax that would otherwise be due from him.in order to counter such attempts at tax avoidance through the creation of multiple aops without defining the shares of members, the bill proposes to make provision in the wt act, in order to provide that such associations will be liable to tax in the like manner and to the same extent as an individual citizen of india and resident in ..... 1998 are as under :the assesses-club had not filed the return of wealth under the provisions of wt act, 1957, within the time provided for filing of such return. .....

Commissioner of Wealth-tax, Gujarat Vs. Harshad Rambhai Patel and anr.

Court : Gujarat

Reported in : (1964)0GLR431; [1964]54ITR749(Guj)

..... reference at the instance of the commissioner of wealth-tax and the question of law that has been referred to us is as follows : 'whether, on a proper interpretation of section 5(1)(xvi) of the wealth-tax act, the assets representing the aforesaid savings certificates which are not in the name of the assessee but of which the assessee was the beneficial owners are exempt from wealth-tax ?' 5. ..... the wealth-tax officer granted exemption to the assessee, harshad, in respect of certificates of both the ..... legislature wanted to grant exemption in respect of all certificates whether they stood in the name of the assessee or in some other name, it was possible for the legislature to use the expression 'belonging to the assesee' as the legislature has in fact used such an expression in clause (xv) of section 5(1) while ..... section 27 of the wealth-tax act, xxvii of 1957 ..... , and so far as the assessee, mahendra, was concerned, he granted exemption in respect of the 12 year national savings deposit certificates of ..... it was considered necessary to lay down such as limit of holding, it would be highly improbable that the legislature, presumably being aware of such a limit, would ever think of granting exemption in respect of certificates were to be of the value of more than rs. ..... expression 'held by the assessee' relates to the certificates issued by the government under the aforesaid scheme and it is to those certificates held by an assessee to which the exemption has been granted under clause (xvi). .....

Smt. Laxmibai A. Wagle Since Deceased Through Legal Representative and ...

Court : Mumbai

Reported in : 1999(4)ALLMR52; 1999(3)BomCR691; 2000(1)MhLj637

..... commissioner of income-tax, new delhi, income tax reports 1979(119), that a point of law cannot be regarded as 'information' within the meaning of section 147(b) of the income tax act, 1961 for the purpose of re-opening an assessment ..... wagle (now deceased through her legal representatives), challenging the validity of a notice issued under section 148 of the income tax act, 1961, praying for quashing the said notice and an order of prohibition preventing the respondent income tax authorities from proceeding in furtherance of the said notice. ..... in reply to the said notice, a letter was sent by the petitioner on 15-4-1991, seeking a clarification from the income-tax department whether the said notices have been issued under section 147(a) or under section 147(b) of the income tax act. ..... , learned counsel for the petitioner submitted that since the fact of receipt of a particular income and the nature of the income was disclosed fully in the income-tax and wealth tax returns and the claim of the petitioner that the said income was not taxable, was accepted by the income-tax officer, it is not now within the competence of the income-tax officer to re-open the case on the ground that he had taken a mistaken view. ..... the assessment year 1985-86, the petitioner disclosed in the income tax as well as in the wealth tax returns that she has received a sum of rs. ..... a note explaining the exemption of this amount from tax liability was appended to both statements of wealth and income submitted by her. .....

Commissioner of Income-tax Vs. Tamil Nadu Dairy Development Corporatio ...

Court : Chennai

Reported in : [1995]216ITR535(Mad)

..... by its reference under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), the income-tax appellate tribunal, madras bench 'c', has referred, at the instance of the commissioner of income-tax, the following questions of law for the opinion of this court : '(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the registration of the conveyance deed transferring ..... business loss so as to give a net loss as claimed, or whether the interest income was to be treated as separate and not to be set off, held that the assessee had not come from italy to make bank deposits in india, but had come to carry on business, and the income earned by it by depositing spare funds in banks and earning interest thereon would also be business income and for the purpose of ..... upon the facts of the case, the supreme court held that the realisation of rental income by the assessee-bank, was in the course of its business in the prosecution of one of the objects in its memorandum; it was, therefore, liable to be included in its business profits. 11. ..... union of india, : air1986sc872 , considering sections 2 and 3 of the government grants act, 1895, has, observed as follows (at page 910) : 'the act contains two sections and provides by section 2 for the exclusion of the transfer of property act, 1882, and, by section 3 for the exclusion of any rule of law, statute or enactment of the legislature to the contrary. .....

income-tax Officer Vs. Official Liquidator

Court : Kerala

Reported in : [1986]59CompCas514(Ker); [1986]158ITR791(Ker)

..... , that the claim was not supported by sanction obtained from the company court under section 446(1) of the companies act and that the special provisions of the companies act will prevail over the provisions of the income-tax act, so that the department cannot claim interest from the company in liquidation in respect of assessment made subsequent to the winding up. ..... the learned single judge, however, held that the claim for interest under section 220(2) of the income-tax act cannot be recognised alsobecause that provision is in conflict with the provisions and the scheme of the companies act in regard to companies in liquidation and, therefore, the provision is not applicable to such companies in liquidation. ..... from a combined reading of sections 156 and 220 of the income-tax act, it is obvious that an assessee who is served with a valid demand notice and fails to pay the tax within the statutory period, incurs the liability to pay interest on the arrears of tax. ..... therefore, once the claim of the department has to be proved and is proved in the liquidation proceedings, the department cannot by exercising the right under section 49e of the income-tax act get priority over the other unsecured creditors. ..... section 457 deals with powers of the liquidator. ..... section 446 deals with the power of the company court. ..... section 442 deals with the power of a court to stay or restrain proceedings against the company. .....

Rani H.R. Laxmi (Estate) (Late) (Through B.K. Singh) Vs. Commissioner ...

Court : Patna

..... -tax appellate tribunal, patna bench, patna, has referred the following question of law to this court for its opinion under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') :' whether under the facts and circumstances of the case, the tribunal was right in holding that a penalty under section 18(1)(a) could be imposed on the executor assessed under section 19a of the wealth-tax act, 1957 ..... from a bare perusal of the provision of section 14(1) of the act, it would appear that under the said sub-section a person is assessable to payment of wealth-tax on his own net wealth ..... (1) if the assessing officer, deputy commissioner (appeals), commissioner (appeals), chief commissioner or commissioner or appellate tribunal in the course of any proceedings under this act is satisfied that any person has failed to furnish the return which he is required to furnish under sub-section (1) of section 14 or by notice given under subsection (2) of section 14 or section 17, or has failed to furnish within the time allowed and in the manner required by sub-section (1) of section 14 or by such notice, as ..... from this, we have no difficulty in coming to the conclusion that an executor is liable to pay wealth-tax in relation to the net wealth of the testator under section 14(1) of the act read with section 19a(1) of the act ..... present case is not a case in relation to legal representatives, we refrain from expressing any opinion relating to correctness of the law laid down in the .....

Aluminium Corporation of India Ltd. Vs. Commissioner of Wealth-tax

Court : Kolkata

Reported in : [1972]83ITR386(Cal)

..... once this court has given its advice, under these references, its advice may be right or wrong in which event the wrong advice should be set aside by the supreme court ; but it is not open under section 27(6) of the wealth-tax act for the supreme court to ask for another advice from this court again on the same point and specially when as this remand order does not indicate any supplementary statement of facts.17. ..... mohanlal nopani, : [1970]78itr435(cal) and commissioner of wealth-tax v. ..... the two other decisions of this court, to which i was a party, are the unreported decisions in commissioner oj wealth-tax v. ..... one is the decision in commissioner of wealth-tax v. ..... reference was made at the bar to the decision in tungabhadra's case reported as commissioner of wealth-tax v. ..... , : [1968]3scr662 this high court and the supreme court exercising advisory jurisdiction under statutory powers under such sections as sections 27 and 29 of the wealth-tax act, therefore, may not be in a position to exercise inherent jurisdiction for making an order of remand which an ordinary court of appeal has. ..... the appellate assistant commissioner of wealth-tax agreed with the wealth-tax officer. ..... 1,78,82,641, respectively, which was according to the value shown in the company's balance-sheet as on the 31st march, 1957, on the ground that the valuation was under section 7(2) of the wealth-tax act of the assets of the business as a whole and there was no need to analyse individually the value of particular assets. .....