Court : Allahabad
Reported in : [1994]208ITR843(All)
..... the short facts are that the office premises of the petitioners were searched on january 23/24, 1992, by the income-tax officers under the provisions of section 132 of the income-tax act, 1961/section 37a of the wealth-tax act, 1957. ..... the petitioners seek mandamus directing the respondents to return/ release the books of account, records, papers and documents seized from the petitioners during the search and seizure operations on the aforesaid dates. ..... the aforesaid four petitions raised a common question relating to search and seizure made on january 23/24, 1992.4. ..... from the date of the seizure unless the reasons for retaining the same are recorded by him in writing and the approval of the chief commissioner or commissioner for such retention is obtained : provided that the chief commissioner or commissioner shall not authorise the retention of the books of account and other documents for a period exceeding thirty days after all the proceedings under the indian income-tax act, 1922 (11 of 1922), or this act in respect of the years ..... according to the petitioners, the said seizure is made indiscriminately and large number of documents were seized, which include the original documents' of title, power of attorneys in favour of the petitioners, original papers, original maps and the plans of construction, which had been approved by the allahabad development authority, including the accounts of all the members of the petitioner-society.5. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2003)184CTR(P& H)57; [2003]262ITR78(P& H)
..... the tax arrear ; (iv) where the tax arrear includes the tax, interest or penalty determined in any assessment on the basis of search and seizure proceedings under section 37a or section 376 of the wealth-tax act, ..... of the tax arrear ; (v) where the tax arrear includes the tax, interest or penalty determined in any assessment on the basis of search and seizure proceedings under section 132 or section 132a of the income-tax act,-- (a) in the case of a declarant, being a company or a firm ..... a declaration to the designated authority in accordance with the provisions of section 89 in respect of tax arrear, then, notwithstanding anything contained in any direct tax enactment or indirect tax enactment or any other provision of any law for the time being in force, the amount payable under this scheme by the declarant shall be determined at the rates specified hereunder, namely : -- (a) where the tax arrear is payable under the income-tax act, 1961 (43 of 1961),- (i) in the case of a declarant ..... 31st day of march, 1998, under that enactment but remaining unpaid on the date of making a declaration under section 88, but does not include any demand relating to erroneous refund and where a show cause notice is issued to the declarant in respect of seizure of goods and demand of duties, the tax arrear shall not include the duties on such seized goods where such duties on the seized goods have not been ..... ; (b) where the tax arrear is payable under the wealth-tax act, 1957 (27 of 1957),-- (i) at the .....
Tag this Judgment!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 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. ..... 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 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. ..... :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in holding that the 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. .....
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 ability by both the sides. ..... counsel says that in this case those factors could not be present, because the law society, by virtue of the act and certain regulations made thereunder, had the power of exercising their discretion in various ways and of exercising it solely at some future time, and counsel says that in those circumstances this cannot be an existing debt. ..... it may be that, by reason of the regulations, and by reason of certain provisions of the act, the law society have power to deduct further sums from that money in exercise of some charge which they may have arising from the regulation, but that is merely a question of ascertaining the debt which has to be paid over to the assisted person and does not prevent that debt from being an existing debt at the material date.' 34. ..... no doubt there is a power given to the income-tax officer to make such adjustments as the circumstances of the case may require. ..... it is urged that 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. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... section 8 of the wealth tax act provides that the income tax authorities specified under section 116 of the income tax act shall be the wealth tax authorities for the purposes of the wealth tax act and every such authority shall exercise the powers and perform the functions of the wealth tax authority in respect of any individual, hindu undivided family or a company, and for this purpose his jurisdiction shall be the same as he had under the income tax act by virtue of orders or directions issued under section 120 of that act or under any other provisions of that act. ..... 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. ..... this is an appeal from an order passed by the high court of gujarat in which the following question of law was answered in the affirmative and in favour of the assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal has been right in law in holding that the assessee is not liable to wealth tax under the wealth tax act, 1957 for the assessment year in question?'2. .....
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 ability by both the sides. ..... counsel says that in this case those factors could not be present, because the law society, by virtue of, the act and certain regulations made thereunder, had the power of exercising their discretion in various ways and exercising it solely at some future time, and counsel says that in those circumstances this cannot be an existing debt. ..... it may be that, by reason of the regulations, and by season of certain provisions of the act, the law society have power to deduct further sums from that money in exercise of some charge which they may have arising from the regulation, but that is merely a question of ascertaining the debt which has to be paid over to the assisted person and does not prevent that debt from being an existing debt at the material date.' 14. ..... no doubt there is a power given to the income-tax officer to make such adjustments as the circumstances of the case, may require. ..... it is urged that 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. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... he has contended that the income-tax assessment orders and wealth- tax assessment orders which are based on the income-tax and wealth-tax returns filed by the parties are not admissible in evidence. ..... said partnership was dissolved in 1977 and 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 ..... this judgment is not helpful to the case of the defendants in view of the admissions made by the defendants in their income-tax and wealth tax matters which clearly show that their contribution was not more than one- fourth share in any event. ..... 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 entitled to interests in such property identical, as nearly as may be, with the interests to which they were respectively .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... the assessee, 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 1974-75. ..... 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 unexplained ..... are independent and self-contained enactments providing different nucleus for chargeability to tax both,the acts, however, peep into each other as the wealth-tax act generates in come at times and the income under the income-tax act produces wealth. ..... the filing 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 ..... 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)
..... the 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). ..... sub-section (5b) of section 23 of the wealth-tax act, 1957, and sub-section (6) of section 250 of the income-tax act, 1961, are identical. ..... it is claimed that a portion of this wealth is held under trust for charitable or religious purposes and is, therefore, exempt from the levy of wealth-tax under section 5(1)(i) of the wealth-tax act, 1957 (the 'act'). ..... this shows that the specific requirements of sub-section (5b) of section 23 of the act are intended for the benefit of the tribunal and they do not in any manner restrict the power of the wealth-tax officer to whom an order of remand is made in general terms indicating in no way that the officer should limit his enquiry to particular matters. ..... section 3 of the act, the charging section reads thus :'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.'93. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... 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. ..... -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 ..... 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the exemption u/s 5(1)(xvia) in respect of the national defence gold ..... mr.j.p.shah, learned counsel for the assessee has invited my attention to the provisions of the scheme by which the gold bonds issued in 1980, the notification of 19th october, 1965, provisions of wealth tax act and income tax act in this behalf.5.1 for assailing the order of the tribunal, the learned counsel for the assessee has made following submissions:5.2 the learned counsel has invited my attention to the definition of bond in ..... 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 ..... that 7% of gold bonds, 1980 and national defence gold bonds, 1980, were continued to be exempted from payment of wealth tax without any monetary limit.5.9 the learned counsel further stated that as per the said provisions annual payment received on these bonds are exempt from income-tax under section (10)15)(ia) of the income tax act. .....
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