Court : Delhi
Reported in : AIR1991Delhi325
..... 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 entitled in the ..... defendants 1 & 2, on the other hand, has contended that in the plaint the plaintiffs have not set up the case that there was any agreement between the parties with regard to the share in the property in question and plaintiffs have withhold best evidence with regard to the account books and thus, adverse inference should be drawn that the account books if produced would have shown that there were joint ..... is not applicable to the facts of the present case because admittedly the defendants have filed the income-tax and wealth-tax returns which contain the admission regarding their shares and the contribution made by them towards requiring of the property in ..... he had come over to india cd partition of the country from aukawara mandi district montgomery which has been included in pakistan where he was having a ..... 5 a contention was raised that as there exists a joint lease in respect of the plot in question from the government and the plot cannot be divided in view of the terms of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)50ITD588(Delhi)
..... was rented to those persons long prior to the date of gift and the rent received was assessed to income-tax accepting it as fair rent and such being the case, the rent capitalisation method provided for in schedule ii to the gift-tax act of 1958 read with rule 3 of schedule iii of the wealth-tax act, 1957 should be adopted. ..... applying the provisions of rule 8 of the same schedule iii of the wealth-tax act, he invoked the provisions of rule 20 of schedule iii of the wealth-tax act, 1957 to find out the market value of the property on estimate basis and then justified the adoption of the fair market value of the property ..... held that the property was rightly valued by the valuation officer under rule 20 of schedule iii of the wealth-tax act, 1957 as applied to the gift-tax proceedings.turning down the objections of the assessee, the gift-tax officer fixed the valuation of the property at rs. ..... now examine whether the provisions of rules 3 to 7, 8 and 20 of the wealth-tax rules of schedule iii of the wealth-tax act, 1957 are applicable. ..... more relevant is, that the income-tax department has accepted the rent of this property right from the assessment year 1983-84 onwards at the figure at which it was shown even though it was open to the income-tax department to refute it and adopt a higher value by virtue of the powers vested in the income-tax officer under section 23 of the income-tax act. ..... and six years thereafter it was let out as per agreement of lease and licence for a monthly rent of rs .....
Tag this Judgment!Court : Delhi
Reported in : ILR1975Delhi357; [1976]37STC356(Delhi)
..... (15) section 6 of the andhra pradesh general sales tax act, 1957 lays down that the sales tax on dcelared goods would be levied in accordance with the provisions of schedule iii to that act. ..... while construing the amended section 15(a) as carrying out the intention of article 286(3) of the constitution, the supreme court observed at page 600 as follows: 'themeaning or the intention of clause (3) of article 286 is not to destroy all charging sections in the sales tax acts of the states which are discrepant with section 15(a) of the central sales act, but to modify them in accordance therewith. ..... 'it is important to note that the decision in devi dass gopal krishnan's case considered the same punjab act which was considered in bhawani cotton mills case but arrives at the conclusion that section 15 of the central act has to be read with the provisions of the punjab act with result that the stage of the taxation in the punjab act is automatically fixed, without the use of the words 'first or 'last' sale or purchase. ..... parliament showed its awareness of this state of affairs when the original section 15(a) of the central sales tax act, 1956 as it existed before its amoendment in 1958 laid clown that the tax payable under a. ..... we are, thereforee, in respectful agreement with the division bench of the madhya pradesh high court that the possibility of such a sale by an unregistered dealer to a registered dealer is a remote one. .....
Tag this Judgment!Court : Delhi
Reported in : [1976]37STC356a(Delhi)
..... section 6 of the andhra pradesh general sales tax act, 1957, lays down that the sales tax on declared goods would be levied in accordance with the provisions of schedule iii to that act. ..... parliament showed its awareness of this state of affairs when the original section 15(a) of the central sales tax act 1956, as it existed before its amendment in 1958 laid down that the tax payable under a state sales tax law in respect of any sale or purchase of goods winch were declared to be of special importance in inter-state trade or commerce shall be levied only in respect of the last sale or purchase inside the state. ..... this is clear from the following observations at pages 328-329 of the reports:at that stage, the question naturally arises, as to whether there is anywhere in the act or the rules any provision, by which the person, sending the return, will be able to know that the tax, in respect of the declared goods purchased by him, have already been paid by another dealer and that the value of the purchases, effected by him, need not be shown in his return.... ..... we are, thereforee, in respectful agreement with the division bench of the madhya pradesh high court that the possibility of such a sale by an unregistered dealer to a registered dealer is a remote one. .....
Tag this Judgment!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?' ..... 489, but that is only concerned with section 16a of the wealth-tax act and is not concerned with the interpretation of rule 1d. 6. ..... the facts are that the wealth-tax officer was concerned with the valuation of the shares ..... by learned counsel for the petitioner, while relying upon a number of decisions, that, in dealing with an application under section 256(2), the court is not required to go into the merits of the question proposed to be ..... bench issuing a reference would be in a position to observe that the case should be heard by a larger bench, in which case, one will not be able to say that the answer to the proposed question is self-evident or academic. ..... and binding as far as the income-tax appellate tribunal is concerned with regard to those cases which fall within the jurisdiction of delhi. ..... the case of state bank of travancore : [1986]160itr872(ker) , in respect of the earlier year, a special leave petition was pending before the supreme court and this was the factor which had weighed with the court. .....
Tag this Judgment!Court : Delhi
Reported in : 1992(22)DRJ334
..... with this background the revenue has sought the opinion of this court on the following questions:- 'whether,on the facts and in the circumstances of the case, the tribunal was rihgt in holding that the assessed is entitled to an exemption under section 5(1)(iv) of the wealth-tax act, 1957 in respect of the property belonging to the firm ..... ''ithas to be noted that in addanki narayanappa's case, : [1966]3scr400 , it was clearly stated by the supreme court that 'since a firm has no legal existence, the partnership property will vest in all the partners and in that sense, every partner has an interest in the property of the partnership' ..... the residue of the net wealth of the firm or association shall be allocated among the parteners or members in accordance with the agreement of partnership or association for the distribution of assets in the event of dissolution of the firm or association, or, in the absence of such agreement, in the proportion in which the parterns or members are entitled to share profits ..... it was further observed 'no doubt, since a firm has no legal existence the partnership property will vest in all the partners and in that sense every partner has an interest in the property of the partnership ..... . (headnote) ; 'nodoubt, since a firm has no legal existence, the partnership property will vest in all the partners and in that sense, every partner has an interest in the property of the ..... . if the partnership has no legal existence, the property must in law belong to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)27ITD545(Delhi)
..... as the revenue authorities have yet not applied their minds to grant of exemption under section 10(22), we would consider it proper to modify the order of the commissioner and direct the income-tax officer that along with other points he should also consider the plea of the assessee under section 10(22) of the income-tax act in the light of such recognition granted to a sister trust and also the decision of the calcutta high court, referred to above ..... , where an assessee raises the plea that his income is exempt or his income is not taxable under any provision of the income-tax act, and, therefore, the question of taking action under section 263 should not arise, the commissioner cannot ignore that plea and thus interfering with the order of the income-tax officer with reference to the assessee's basic plea. ..... making the plea for being considered under section 10(22) of the income-tax act it was submitted that the only activity which was subject-matter of consideration was the running of the school known as ..... the receipts from advertisements in souvenir was one such source and it had been made clear in the letter which had been issued for staging of the hindi drama named 'mukhya mantri' that the proceeds of the show would go towards the school building ..... income-tax officer, however, referred to the main objects of the assessee and held that it did not exist solely for the purpose of education and it was, therefore, not entitled to benefit under section 10(22) of the income-tax act. .....
Tag this Judgment!Court : Delhi
Reported in : (1986)54CTR(Del)85; ILR1985Delhi651; [1986]159ITR549(Delhi); 1986RLR115
..... question which arises for consideration in this and in the connected writ petitions is with regard to the manner of valuation of the unquoted equity shares of companies, other than investment companies and managing agency companies, for the purposes of the wealth-tax act, 1957. 2 ..... a new section 16a has been inserted in the wealth-tax act enabling the wealth-tax officer to refer the valuation of any capital asset to the valuation officer with a view to ascertaining the market value of such ..... (1) for the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section), under this act, the wealth-tax officer may refer the valuation of any asset to a valuation officer - (a) in a case where the value of the asset as returned is in accordance with the estimate made by a registered valuer, if the wealth-tax officer is of opinion that the value so returned is less than its fair market value; (b) in any other case, if the ..... then received show-cause notice dated may 18, 1984, issued by the commissioner of wealth-tax, delhi, under section 25(2) of the wealth-tax act. ..... at first glance, thereforee, the language of section 7(1) of the act would indicate that the wealth-tax officer cannot ignore the rules which are framed for the purpose of valuation of ..... impugned order dated september 29, 1984, passed under section 25(2) of the wealth-tax act, 1957, by the commissioner of wealth-tax, delhi-vii, is quashed. .....
Tag this Judgment!Court : Delhi
Reported in : (1992)103CTR(Del)42; ILR1992Delhi996; [1992]198ITR26(Delhi)
..... with the provisions of the act of all the assets, wherever located, belonging to the assessed on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessed on the valuation date other than - (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax ..... a firm was not as assessed within the meaning of the wealth-tax act and inasmuch as the properties of a firm were treated as wealth or assets in the hands of its partners to the extent of their respective shares aggregating to their respective interest therein, in computing the net wealth of the firm under rule 2 of the wealth-tax rules, 1957, there was no question of any exemption being allowed to the ..... addanki narayanappa's case, : [1966]3scr400 , it was clearly stated by the supreme court that 'since a firm has no legal existence, the partnership property will vest in all the partners and in that sense, every partner has no interest in the property of the ..... of the net wealth of the firm or association shall be allocated among the partners or members in accordance with the agreement of partnership or association for the distribution of assets in the even of dissolution of the firm or association, or, in the absence of such agreement, in the proportion in which the partners or .....
Tag this Judgment!Court : Delhi
Reported in : [1974]96ITR714(Delhi)
..... 2 of 1972, the following questions were referred under section 27(1) of the wealth-tax act, 1957 : ' (1) whether, on the facts and in the circumstances of the case, the tribunal was right in holding ..... questions in all the three references is the same, the tribunal disposed of the appeals of brij bans bahadur in both his income-tax and wealth-tax cases, out of which, i.t.r. no. ..... the substance of the disposition and not on its mere form.the material question which the court would have to decide in such cases is, whether taking the document and all the relevant facts into consideration, it could be said that the donor intended to confer a bounty upon his son exclusively for his benefit and capable of being dealt with by him at his pleasure or that the apparent gift was an integral ..... part of a scheme for partition and what was given to the son was really the share of the property which would normally be allotted to him and to his branch of the family on partition. ..... clear words describing the kind of interest which the donee is to take, the question would be one of construction and the court would have to collect the intention of the donor from the language of the document taken along with the surrounding circumstances in accordance with the well-known canone of construction. .....
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