Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)4ITD131(Delhi)
..... case has been referred to me by the president, tribunal under section 24(11) of the wealth-tax act, 1957, read with section 255(4) of the income-tax act, 1961 ..... common ground of appeal taken was that the commissioner (appeals)/aac has erred in directing the wto to allow as deduction the outstanding income-tax and wealth-tax liabilities on the respective valuation dates pertaining to earlier years and which were net existing on the valuation dates but arising out of the settlement order passed on 24-3-1975 ..... .' used in section 255(4) of the 1961 act, which are equally applicable to proceedings under the act, and submitted that no agreement between the two learned members, while ..... . we are also in agreement with the learned departmental representative that the wealth of the assessee after taking into consideration the subsequent disclosure made in 1975 was not negative for the assessment years 1974-75 and 1975-76, while for the assessment year 1973-74 his wealth even after assessment was made was above the taxable limit without taking into consideration the disclosure of 1975--even ..... . the following sentences deserve to be deleted: 'we are also in agreement with the learned departmental representative that the wealth of the assessee after taking into consideration the subsequent disclosure made in 1975 was not negative for the assessment years 1974-75 and 1975-76, while for the assessment year 1973-74 his wealth even after assessment was made was above the taxable limit without taking .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD345(Delhi)
..... with the above facts as the background, the valuation has to be made under the provisions of the wealth-tax act, 1957 and for the said purpose section 7 of the act, which deals with the topic 'value of assets, how to ..... fact that the assessee might have to pay 50 per cent of the unearned increase to the lessor does not affect the valuation of the property under section 7 of the wealth-tax act' and the words used in that section 'make it clear that the estimate which should be made by the wealth-tax officer is as to the gross price' and hence no part of the unearned increase was deductible in computing the value of the property for the purpose ..... at accordingly and adopted for purposes of its being charged to wealth-tax, under the provisions of the wealth-tax act, 1957, for the assessment year under appeal. ..... high court and after detailed discussion answered the abovereferred question in the negative and held that "in determining the value of the leasehold interest of the assessee in the land for the purpose of assessment to wealth-tax the price which the leasehold interest would fetch in the open market, were it not encumbered or affected by the burden or restrictions contained in clause (13) of the lease-deed, would have to be reduced by 50 per ..... of india and it was leased by the president of india to one vashesharan devi on the terms and conditions set out in an agreement of lease dated 30th december, 1954 and the leasehold interest was acquired from vashesharan devi by the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1991)39ITD47(Delhi)
..... in view of the provisions of rule 1 a(m) of the wealth-tax rules, 1957 read with section 2(m) of the wealth-tax act, 1957, the eggs kept in incubators are the assets of the firm. ..... he also stated that since the firm is not 'an assessee' under the wealth-tax act, 1957, the provisions of section 7(2) of the act cannot be invoked in working out the value of the interest of a partner in a partnership.9. ..... paid as advance tax under section 15a of the indian income-tax act, 1922, or under section 210 of the income-tax act, 1961; (b) the debt due to the assessee according to the balance sheet or part thereof which has been allowed as a deduction under clause (vii) of sub-section (1) of section 36 of the income-tax act, 1961, for the purposes of assessment for the previous year relevant to the corresponding assessment year under that act; (c) the value of any asset in respect of which wealth-tax is not payable under the act; (d) any ..... the residue of the net wealth of the firm shall be allocated among the partners in accordance with the agreement of partnership for the distribution of the assets in the event of dissolution of the firm or, in the absence of such agreement, in the proportion in which the partners are entitled to share profits. ..... so long as such ultimate determination indicates the existence of a positive tax liability, there is a debt owed by the assessee on the valuation date, even though such determination may be self-sufficient in point of time to the valuation date. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)48ITD62(Delhi)
..... the provisions of the wealth-tax act, 1957, for the earlier years as also for the assessment year under appeal, has been set aside and restored to the file of the learned assessing officer on my part i will set aside the impugned order of learned cit (a) in relation to gift-tax proceedings for the assessment year under appeal and direct the learned cit (a) to re-decide the issue including the issue of reference in accordance with law, of course, after ..... is said above, i will treat the appeal as having been allowed for statistical purposes.order under section 23(11) of the gift-tax act, 1958, read with subsection (4) of section 255 of the income-tax act, 1961 in view of there being difference between us (members/constituting the bench), we refer to the hon'ble president of the income-tax appellate tribunal the following point of difference: whether, on the facts and in the circumstances of the case, the reopening under section 16 of the gift-tax act is justified as held by j.m. ..... against the above background the learned gto issued a notice on 25-9-1984 under section 16 of the gift-tax act, 1958 pointing out that gift chargeable to tax for the year under consideration had escaped and thus he proposed to assess the said gift which escaped assessment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)50ITD208(Delhi)
..... in the aforesaid assessed wealth, the deduction of entire municipal taxes on house property including the portion which was treated as exempt under section 5(1)(iu) of the wealth-tax act was allowed. ..... we are to consider, whether having allowed deduction of municipal taxes levied in respect of house property part of which was exempt under section 5(1)(iv) of the wealth-tax act, the wto committed a mistake apparent from record liable to be rectified under section 35 of the w.t. ..... ) the assessee had claimed deduction of liability against value of house property, part of which was treated as exempt under section 5(1)(iu) of the wealth-tax act. ..... she emphasised that in the light of decision of tribunal in assessee's own case on identical point, a mistake apparent from record had occurred which was rightly rectified under section 35 of the wealth-tax act. ..... the matter was carried in reference before hon'ble bombay high court which upheld the decision of the tribunal with following observations : we have carefully considered the judgments referred to above. ..... with respect, we find ourselves in agreement with the view expressed by balasubrahmanyan, j. ..... likewise, we are not concerned with the cases of shri ram parkash and smt. ..... can be no dispute that decision of hon'ble supreme court on any interpretation of statutory provision has to be applied and any view to contrary taken by any authority would be a mistake apparent from the record liable to be rectified in accordance with law. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)14ITD300(Delhi)
..... the learned wto not being satisfied with the valuer's said report referred the issue of the valuation of the said property, under section 16 of the wealth-tax act, 1957 ('the act') to the departmental valuation officer (dvo). ..... 5 of the revenue's appeal is to the following effect : directing the wto to allow exemption under section 5(1)(iv) of the wealth-tax act, 1957 in respect of his interest in the property known as 'wenger's building' held by a partnership firm.21. ..... cit [1981] 131 itr 589, read with rule ibb of the wealth-tax rules, 1957, for disposal afresh in accordance with law? 2. ..... cit[1981] 131 itr 589, read with rule ibb of the wealth-tax rules, 1957, for disposal afresh in accordance with law? 2. ..... expected by the owner on letting out such unit to a hypothetical tenant.it would, thus, be seen that the principle laid down in amolak ram khosla's case (supra) was again reiterated by emphasising the fact that in case of a house which is partly self-occupied and partly let out each portion should be treated as separate and distinct and the standard rent for each unit should be separately fixed and aggregated so that the aggregate ..... . for the above reasons, i am in agreement with the view expressed by the learned accountant member.4 ..... 1,195 earlier paid by the firm to the owners, became non-existent and inconsequential after the purchase. ..... 1,195, earlier paid by the firm to the owners, became non-existent and inconsequential after the purchase. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD532(Delhi)
..... apparent, he has not considered the amendment made in clause (iv) of section 5 of the wealth-tax act which was brought into force w.e.f.1-4-1971. ..... issue raised in this appeal is regarding the relief sought under section 5(1)(iv) of the wealth-tax act. ..... the finding of the authorities below and direct that the assessee should be allowed the benefit of exemption in respect of the entire property of jainnagar as provided in the provision contained in section 5(1)(iv) of the wealth-tax act.12. ..... sides we are of the view that the plea of the assessee cannot be accepted as not maintainable on facts and in law.the appellate tribunal in the aforesaid wealth-tax appeals has considered all these facts which had been urged by the assessee and had then arrived at the finding that the value of the actionable claim should be determined at rs. ..... is whether this commission partakes the character of rent or the earlier agreement was so split up as to reduce the quantum of rent with a view to reduce the market value for the purposes of wealth-tax. ..... , find ourselves unable to follow the order of the tribunal for the assessment years 1957-58 to 1961-62 in which the tribunal had valued the property on the basis of cost of land and building ..... factory building was the only building in dispute for purpose of valuation, that the basis for the valuation of this factory building was agreed to be rental method and this factory building was in existence for quite sometime and was subject of lease for quite sometime. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)48ITD1(Delhi)
..... therefore, we refer these matters to the worthy president of the appellate tribunal for settling the difference of opinion under section 24(11) of the wealth-tax act, 1957, read with section 255 of the income-tax act, 1961 and hence frame the questions:- (1) whether, on the facts of the case, the majority decision is that the method of valuation adopted by the aac for the land and ..... exists in rule 1a of the wealth-tax rules dealing with the definitions of words itself and the relevant definition is at rule 1a(m), which reads as under: all other words and expressions used but not defined in these rules and defined in the act, shall have the meaning respectively assigned to them in the act.this clause (m) of definitions rules 1a was not noticed by the allahabad high court in the three authorities on which ..... agreement with him and will only say that the provision meant to be referred in para 12 is section 5(1)(iv) of the wealth-tax act ..... the learned judicial member did not concern himself with that yardstick applied by the aac to consider the disclosed value by the assessee to be adequate.the accountant member did express his opinion but that opinion was opinion of one member only and could not give rise to any difference of opinion between them; if at all the agreement between them was only on one aspect that ..... we are of the firm opinion that the method adopted by the aac is the correct method and we find ourselves in complete agreement with the decision of the third member, shri ch. g. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)22ITD1(Delhi)
..... separate dissenting order in which he recorded the following:-- (a) the delhi high court examined the applicability of the rules of valuation under the wealth-tax act as regards the valuation ..... to the aac and a further appeal to the tribunal may be parts of an integrated process, nevertheless the jurisdiction of the appellate authorities, as we have already observed is to be governed by the provisions of sections 23 and 24 of the act.as the delhi benches of the tribunal are working under the jurisdiction of the hon'ble delhi high court, in my opinion, it is not open to us to follow the ratio of the hon'ble allahabad high ..... by rule 1-bb on the assumption that the said rule was mandatory for him.the learned members then formulated the point on which they differed as under :-- whether the learned cwt (appeals) has erred in law in directing the wto to value the property in accordance with the provisions of rule 1-bb of the income-tax rules presuming the said rule to be mandatory and applicable to the appellate authorities also 4. ..... bench of the itat in the case of biju patnaik (supra) in which it was held that rule 1bb was mandatory and that it applied equally to appellate authorities and that, therefore, when circumstances existed which indicated the application of rule 1bb, there was no option open to the appellate authorities and of course, to the wto to go but by ..... , accepted the assessee's claim that the property had to be valued in terms of rule 1-bb of the wealth-tax rules, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)35ITD102(Delhi)
..... referring to section 5(ii) of the hindu succession act, he pointed out that though the act does not apply to any estate which descends to a single heir by the terms of any covenant or agreement entered into by the ruler of any indian state with the government of india or by the terms of any enactment passed before the commencement of the act, it has nothing to do with the private property which is governed by hindu law and the special provisions of the income-tax act and wealth-tax act having a bearing on the disruption of the huf. ..... years 1971-72 to 1977-78 had held in the case of maharaja prithvi raj huf (smaller huf) that no partition of the bigger huf took place and that since no order was passed under section 171 of the income-tax act, 1961, or under the corresponding provision under the wealth-tax act, 1957, the bigger huf hitherto assessed as undivided had to be deemed to continue to be huf since a finding of partition was not there. ..... hirabai khandappa magdum [1981] 129 itr 440, the cwt (appeals) held in the case of sir sawai man singhji for the asst.years 1971-72 to 1976-77 that though the bigger huf existed before the death of the maharaja, it ceased to exist after his death as a notional and statutory partition of the said huf was to be deemed just before his death. .....
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