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. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... this reference under section 27(1) of the wealth-tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7of the wealth-tax act which have been argued with considerable vigour and ..... the assessee contended before the wealth-tax officer that this sum represented the difference between the written down value of the fixed assets as found in the income-tax records and the value of the fixed assets as ..... before the appellate tribunal, the assessee made an application in which it was stated that the difference between the written down value of the assets of the company as appearing from the records of the income-tax authorities and the value of the assets as shown in the balance-sheet came to rs. ..... the facts and in the circumstances of the case, when the net value of the assets is determined, under the provisions of section 7(2)(a), the value of depreciable assets as shown in the balance-sheet of the company is liable to be adjusted with reference to the written down value of such assets as per income-tax records?' 2. ..... this power has to be exercised in order that the price of assets as shown in the balance-sheet may equate with the written down value of such assets as appearing in the records of the income-tax department ..... of the case, the value of the depreciable assets as shown in the balance-sheet of the company is not liable to be adjusted with reference to the written down value of such assets as per the income-tax records. 87 .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... mammed kayi, : [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. ..... the challenge was on two grounds: (a) that parliament was not competent to include a hindu undivided family in the charging section 3 of the act in view of entry 86 list i of the seventh schedule of the constitution and (b) that the charge of wealth tax on a hindu undivided family under section 3 of the act was violative of article 14 of the constitution. ..... on remand, out of the two contentions initially advanced by the assessee, the first relating to the constitutionality of the act in relation to entry 86 list i had become academic because the point was dealt with and overruled by this court in the case of banarsi dass v. ..... the court drew distinction between canons of construction applicable to entries in the legislative lists and canons of construction applicable to construction of a charging section in a taxing statute. ..... the high court rejected the challenge on the first ground and held that parliament was competent to include a hindu undivided family in section 3 of the act as constituting a body or group of individuals coming within the term 'individuals' in entry 86. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... this reference under section 27(1) of the wealth tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7 of the wealth tax act which have been argued with considerable vigour and ..... the assessee contended before the wealth tax officer that this sum represented the difference between the written down value of the fixed assets as found in the income-tax records and the value of the fixed assets as ..... before the appellate tribunal, the assessee made an application in which it was stated that the difference between the written down value of the assets of the company as appearing from the records of the income-tax authorities and the value of the assets as shown in the balance sheet came to rs. ..... facts and in the circumstances of the case, when the net value of the assets is determined, under: the provisions of section (2) (a) the value of depreciable assets as shown in the balance-sheet of the company is liable to be adjusted with reference to the written down value of such assets as per income-tax records? 3. ..... this power has to be exercised in order that the price of assets as shown in the balance-sheet may equate with the written down value of such assets as appearing in the records of the income-tax department ..... of the case, the value of the depreciable assets as shown in the balance-sheet of the company is not liable to be adjusted with reference to the written down value of such assets as per the income-tax records. 44 .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... the father was 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 ..... he proved on record cpw 1/1 to cpw 1/25 receipts showing payment of house-tax, cpw 1/6 to cpw 1/27 receipts showing payment of sewer tax and cpw 1/28 to cpw 1/42 receipts showing payment of ground rent of the plot paid to the delhi development authority and then he proved on record the certified copies of the income.tax assessment orders and wealth-tax orders cpw 1/43 to ..... 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 contrary, respectively ..... accounts showing the amounts spent on the construction of the house but the same got damaged due to some rains and the trunk which contained the account books aod the income-tax records had got wet due to rains which resulted in damage to the account books but the income-tax record was not damaged. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... now, coming to the assessment orders under the wealth-tax act, which have been printed as part of the record before us, we find that all the assessment orders for the assessment years 1966-67 to 1973-74 contain an express rider which negatives the very basis of the argument addressed by the ..... is that the 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 the assessment year ..... 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 were not our of any ..... of the returns suddenly on october 9 and 10, 1974, was the result of a notice issued under section 139(2) by the income-tax officer on september 25, 1974, for the assessment year 1974-75. ..... questions are stated for our opinion by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!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, 1961). ..... the explanation added to section 7(1) plugged the loophole for avoidance of tax by providing restrictive clauses in the trust deeds like, say for instance, 'in case any of the beneficiaries exercises his option to buy any assets held by the trustees after the death of the last surviving beneficiary or otherwise, the property shall be sold to him for the sum specified in the document ignoring the market value ..... dominant intention of the founder is to benefit the public......regarding the two quarters of the income mentioned in paragraph 9 of the document, there is no doubt that that was intended only to create a private trust.'87. ..... income specifically set apart in paragraph 8 is for a public charitable purpose and there is nothing to show that the previous decision, though under another, but similar provision, has to be ignored ; and (2) that the same document can create more than one trust. ..... was decided in that case was that by a single document more than one trust could be created. ..... is not disputed that by a single document more than one trust may be created. ..... that in a single document there can be more than one trust is no more a moot question, in view of the decision of the supreme court in cit ..... construing that document in commr .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... 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. ..... income-tax tribunal at the instance of assessee has referred following question of law for opinion under section 27 of the wealth tax act, 1957 (hereinafter referred to as `the act') ..... it is clear that whatever comes within the definition of assets under the wealth-tax act in its section 2(e) should likewise come under the definition of capital assets unless specifically excluded ..... tribunal in para 4 on page 213 has held as under:'para.4 it could be seen that the contentions of the two sides are: (a) on behalf of the assessee that the document in his hands was the gold bond, and (b) on behalf of the revenue, that it is gold or as good as gold.in our view, it is neither. ..... my view the reasonings of the tribunal that on the maturity date, the character of this document which was the bond would change is not correct. ..... on the maturity date, the character of this document which was the bond would change. ..... presentation to the reserve bank would entitle the holder of that document to the delivery of the gold.' 7. ..... bond can come to an end is by repayment of gold, which is the promise given by the document called 'gold bond'. ..... maturity date, it is merely a document of title to the gold. ..... to state the real nature of this document on the maturity date. ..... bond can come to an end is by repayment of gold, which is the promise given by the document called 'gold bond'. .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... it may also be noted that when an appeal is heard by the commissioner of income-tax (appeals) under section 23 of the wealth-tax act, 1957, and one of the questions involved in the appeal relates to the valuation of any asset, the commissioner of income-tax (appeals) is required to give a notice of hearing to the departmental valuation officer under sub-section (3a) of section 23 of the wealth-tax act, 1957. ..... in the absence of any provision in the income-tax law corresponding to section 23(3a) of the wealth-tax act, 1957, the first question raised by the revenue in this reference is answered in the affirmative and in favour of the assessee.13. ..... (j) the report of the district valuation officer obtained under section 16a(5) of the wealth-tax act, 1957, is wholly irrelevant as this was not a case of assessment under the wealth-tax act. ..... the reports given by the district valuation officer were duly considered by the commissioner of income-tax (appeals) in detail and he recorded his findings after considering the case made out by the income-tax officer, the district valuation officer as well as on behalf of the assessee.16. ..... of the area constructed and that no defects were found by the tax authorities either in the books of account maintained by the assessee-firm and/or the vouchers, documents and/or contractors' bills produced by it in support of the construction cost incurred. .....
Tag this Judgment!Court : Karnataka
Reported in : (2009)227CTR(Kar)480; [2009]184TAXMAN88(Kar)
..... the assessee in a body of individuals can be brought to wealth tax in accordance with rules 15 and 16 to 20 of iii schedule to the wealth-tax act read with section 4(1)(a) of the wealth-tax act especially when the hon'ble supreme court in meera and company v ..... whether the appellate authorities were correct in reopening assessment under section 17 of the wealth-tax act and bringing to tax the respective share held by the assessee in each of the 'body of individuals' based on the share each individual received at the time of its ..... section 16(3) of the wealth-tax act. ..... law are to be treated as one question and if we are of the opinion that the assessee herein had a definite share which can be ascertained and can be brought into provisions of the wealth tax, findings of the tribunal and the commissioner of wealth tax are to be set aside and if the share of the assessee cannot be determined in terms of the trust deed, then assessee cannot be directed to declare the undetermined share in the return ..... conditions of the trust, commissioner of wealth tax as well as the tribunal have come to the conclusion that the share of the assessee was not determinable under the trust deed and therefore assessee could not have included the assets of the trust determining his share while filing the return under the provisions of the wealth-tax act. ..... in holding that the assets in the hands of 'body of individuals' cannot be brought into account of the assessee under the provisions of the wealth-tax act?2. .....
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