Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 44b countries with which no agreement exists Court: guwahati Page 1 of about 2 results (0.138 seconds)

Wealth-tax Officer Vs. Abdul Malik

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (1990)32ITD125(Gau.)

..... therefore, concluded that as the liabilities for the taxes were not in existence on the date of valuation, these cannot be said to be debts in terms of section 2(iii) of the wealth-tax act. ..... the dispute is regarding the allowance of the tax liability which, according to the revenue, was not in existence on the respective valuation dates, whereas the claim of the assessees is that due to fresh assessments had been raised before the respective wealth-tax assessment orders were made which would relate back to the respective dates of valuation as the demands in praesenti ..... , the figures mentioned in the respective grounds of appeal were nominal as indicated above which could be co-related to the wealth-tax liabilities allowed originally by the w.t.o. ..... [1980] 123 itr 200 the hon'ble delhi high court while dealing with the similar situation on the facts of that case held that subject matter of an appeal should be understood not in a narrow and on the unrealistic manner but should be so comprehended so as to encompass the entire controversy between the parties which is sought to be got adjudicated upon by the tribunal. ..... dealt with extensively the question involving jurisdiction of the tribunal in allowing the parties before it to raise points which were not raised before the departmental authorities or which are alleged not to have been raised before them, which has to be considered ultimately in the light of the decision of the hon'ble supreme court in the case of hukumchand mills ltd. v .....

Assistant Commissioner of Income-tax and ors. Vs. Om Prakash Gattani

Court : Guwahati

..... a perusal of section 205 of the income-tax act clarifies the position where it provides that where tax is deductible at source, the assessee shall not be called upon to pay the tax himself to the extent to which tax has been deducted from that income. ..... every person deducting tax in accordance with the provisions of sections 192 to 194, section 194a, section 194b .... ..... any deduction made in accordance with the provisions of sections 192 to 194, section 194a, section 194b ..... ..... therefore, under section 201 of the income-tax act it has been aptly provided that the person responsible to deduct the tax would be deemed to be an assessee in default so that he can be proceeded against for recovery of the amount instead of the assessee who has already parted with the amount, but due to some commission or omission on the part of the person responsible to deduct the amount at source over whose activity he has no control, he may not be subjected to double payment of tax and ..... if some unscrupulous persons responsible to deduct the tax at source, after deducting the amount do not deposit the amount in the government treasury, such persons should be saddled with the tax liability. ..... the assessee cannot be doubly saddled with the tax liability. ..... presently we are not concerned with the case where the person responsible to make the deductions has not deducted the amount at all. ..... we are concerned with the latter category of cases. .....

India Carbon Ltd. Vs. Commissioner of Income-tax

Court : Guwahati

..... a case with reference to taxes paid under the wealth-tax act, 1957, arose in travancore titanium product ltd. v. ..... , whether tax paid by the assessees under the wealth-tax act was expenditure. ..... when an assessee possessed assets connected with business and unconnected with business, the wealth-tax paid for the former alone was expenditure and taxes paid in connection with the latter is not expenditure. ..... such an amount, it is argued, is to be paid in future and cannot be allowed either under section 28 or under sections 30 to 36 or under section 37 of the income-tax act. 17. ..... in that case, it was held that set-on is not covered by sections 28 and 37 of the income-tax act and, therefore, not an expenditure. ..... that act was called the payment of bonus act, 1965, to regulate the bonus payments in the country with some exceptions. 8. ..... the words used in section 15 of the act are 'utilised for the purpose of payment of bonus' which indicate that the amounts shown in columns 3, 4 and 5 of the fourth schedule are amounts which are to be paid or have been paid to the employees. ..... the labour courts in the country held that textile mills which did not earn profits need not pay bonus. ..... before the committee could submit a report, the country was engulfed in the shadows of the great economic depression of the mid-twenties of the century. ..... the conceptual meaning of the word gave rise to numerous disputes in industrially advanced countries. .....

T.K. Roy, Vs. Commissioner of Wealth-tax

Court : Guwahati

..... these three references by the tribunal under section 27(1) of the wealth-tax act, 1957, hereinafter referred to as the act, are being disposed of by this common judgment as the question of law arising in them are similar.62. ..... cwt [1971] 108 itr 86 has made the following significant observations with which i am in respectful agreement. ..... 36, page 425, wherein it is stated as follows : ' the presumption against retrospection applies in general to legislation of a penal character, and to be presumed that a statute creating a new offence, or extending an existing one, is not intended to render criminal an act which was innocent when it was committed, and that a statute increasing the penalties for existing offences is not intended to apply in relation to offences committed before its commencement.......fiscal legislation, similarly, is subject in general to the presumption against retrospection.'60. ..... bhattacharjee, learned counsel for the assessee, next submits that (a) amendment of section 18 of the act has the effect of repealing the original act, attracting thereby section 5(d) of the general clauses act, (b) the amendment relates to a substantive law which is not to be given retrospective operation, as to impair an existing right, obligation or liability acquired, accrued or incurred under the enactment so repealed, and (c) that section 18(1)(a)(i) of the act, as amended from time to time, relating to the penalty for default is of penal character, and the object being to punish .....

Naresh Kumar Gupta Vs. Commissioner of Wealth-tax

Court : Guwahati

..... these three applications, namely, cr 25(m) of 1992, cr 26(m) of 1992 and cr 27(m) 1,992, are filed by the assessee under section 27(3) of the wealth-tax act, 1957 (sic), praying to call for a statement of facts on the question of law sought to be referred to this court as suggested by the assessee. ..... accordingly, in our opinion, it is a fit case where a reference can be called for under section 27(3) of the wealth-tax act (sic) on the question referred to in the petitions. ..... we have been taken through the order of the income-tax appellate tribunal, gauhati bench, gauhati, rejecting the prayer for reference and on a perusal of the same, we find that although the learned tribunal held that the question of law proposed by the assessee is in fact a question of ..... being dissatisfied with the order passed by the income-tax appellate tribunal, gauhati bench, gauhati, rejecting the reference applications filed by the assessee and in refusing to state the case and refer the question of law as suggested by the assessee, the assessee in the aforesaid applications .....

Gauhati Roller Flour Mills Ltd. Vs. Union of India (Uoi) and ors.

Court : Guwahati

..... the assessee thereafter filed a miscellaneous application on june 25, 2001, under section 24(5) of the wealth-tax act, 1957, read with rules 24, 25 of the income-tax (appellate tribunal) rules, 1963, for setting aside the ex parte order dated february 23, 2001.4. ..... it is further mentioned in the miscellaneous application that thereafter no further intimation regarding the adjourned date of hearing of the appeals was received by the assessee for which the assessee remained absent in the hearing. ..... on examination of the income-tax (appellate tribunal) rules, 1963, and more particularly rule 19 referred to and relied on by the learned counsel for the assessee, it is seen that the said rule which requires notifying the parties specifying the date and place of hearing is referrable to the first notice from the tribunal on entertainment of an appeal preferred by the revenue and obviously in this case the said requirement of rule 19 have been complied with. ..... regarding maintainability of the present writ petition has been taken by the counsel for the revenue by referring to the provisions of section 27a of the wealth-tax act, 1957, i am of the view that the said objection is not required to be answered in the instant case as alternative remedy by way of an appeal under sub-section (2) of section 27a of the act would lie before the high court (as the national tax tribunal is yet to be constituted) only when an appeal under section 27a of the act involves a substantial question of law. .....

Smt. Basana Rani Saha Vs. Income-tax Officer.

Court : Guwahati

..... it is also the appeal by the assessee that the ito has simply acted on report of the valuation officer under the wealth-tax act, which was not applicable under the income-tax act for valuation of the cost of construction and, therefore, the addition was illegal and ..... it is true that section 55a of the income-tax act was introduced in the income-tax act with effect from 1-1-1973 by which reference to a valuation officer can be made by the ito with a view to ascertain the fair market value of a capital asset for the purpose of that ..... the valuation officer noted on that objection of the assessee and stated that under the wealth-tax act the fair market value is to be assessed on the basis of the plinth area rates prevailing on the date of assessment and not on the basis of rates prevailing in ..... pointed out by the assessees learned counsel that before the valuation officer in connection with the wealth tax valuation matters, the assessee did raise various objections which were commented upon by the valuation officer appearing at item-10 of the report which is at page 79 of the paper-book. ..... be as it may, the assessee amongst other things, submits that the valuation report under the wealth-tax act cannot form the basis for making the addition under section 68 or section 69 of the income-tax act, as the valuation officer has to determine the fair market value of the property at a particular time and not the cost ..... act 1957, and the valuation was required for the dates as on 31st chaitra of .....

Commissioner of Wealth-tax Vs. Parsuram Chouthmal (Huf)

Court : Guwahati

..... the brief facts of the case as stated in the statement of the case drawn up by the appellate tribunal are that in the course of assessment for the assessment year 1980-81, the respondent-assessee claimed exemption under section 5(1)(iv) of the wealth-tax act, 1957 (for short, 'the act'), in respect of the house properties owned by a partnership firm of which the respondent-assessee was a partner. ..... thus, the net wealth of a firm has to be determined in accordance with the provisions of the act, and since under sub-section (1) of section 5 of the act the assets mentioned therein are to be excluded from the net wealth of an individual assessee who is a partner of a firm and not from the net wealth of a firm which is not an assessee, the assets specified in sub-section (1) of section 5 of the act have to be included in the net wealth of the firm while determining the interest of a partner in the firm under rule 2. 7. ..... in the present case since the authorities below had not granted the exemption claimed by the assessee under section 5(1)(iv) of the act in accordance with the aforesaid law stated by us, we are of the opinion that the tribunal was justified in directing the wealth-tax officer to allow the said exemption in the hands of the assessee in determining the share of his interest in the property standing in the name of the firm of which he is a partner. .....

Commissioner of Wealth-tax Vs. Ramniwas Karwa and anr.

Court : Guwahati

..... following question of law ;'whether, on the facts and in the circumstances of the case, the tribunal was justified in setting aside the orders of the authorities below regarding allowability of exemption under section 5(1)(iv) of the wealth-tax act, 1957, at the stage of determination of net wealth of the association of persons in which the assessee was a member, before its allocationamongst the members, for fresh disposal by the wealth-tax officer in the light of the decision of the appellate tribunal (special branch), pune, in the case of n.r. ..... . thus the net wealth of an association of persons has to be determined in accordance with the provisions of the act, and since under sub-section (1) of section 5 of the act the assets mentioned therein are to be excluded from the net wealth of an individual assessee who is a member of an association of persons and not from the net wealth of an association of persons which is not an assessee, the assets specified in sub-section (1) of section 5 of the act have to be included in the net wealth of the association of persons while determining the interest of a member in an association of persons under .....

T.K. Roy, Vs. Commissioner of Wealth-tax

Court : Guwahati

..... these three references by the tribunal under section 27(1) of the wealth-tax act, 1957, hereinafter referred to as the act, are being disposed of by this common judgment as the question of law arising in them are similar.62. ..... cwt [1971] 108 itr 86 has made the following significant observations with which i am in respectful agreement. ..... 36, page 425, wherein it is stated as follows :' the presumption against retrospection applies in general to legislation of a penal character, and to be presumed that a statute creating a new offence, or extending an existing one, is not intended to render criminal an act which was innocent when it was committed, and that a statute increasing the penalties for existing offences is not intended to apply in relation to offences committed before its commencement.......fiscal legislation, similarly, is subject in general to the presumption against retrospection.'60. ..... bhattacharjee, learned counsel for the assessee, next submits that (a) amendment of section 18 of the act has the effect of repealing the original act, attracting thereby section 5(d) of the general clauses act, (b) the amendment relates to a substantive law which is not to be given retrospective operation, as to impair an existing right, obligation or liability acquired, accrued or incurred under the enactment so repealed, and (c) that section 18(1)(a)(i) of the act, as amended from time to time, relating to the penalty for default is of penal character, and the object being to punish .....