Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... the items of jewellery of the trust taking into consideration the risks, hazards and uncertainties which were already existing, that the valuation of the items of the jewellery of the trust is of academic value taking into consideration the fact that the items of the jewellery of the trust are in the nature of 'antiquities' and 'art treasures' and constitutes an 'art collection' which is exempt under section 5(1)(xii) of the wealth-tax act, 1957 ..... consideration by the potential buyers.27.3 we have already extracted herein before the relevant portions of the remarks of the umpire negativing the claim of the trustees before him, that the wealth-tax paid on the compensation should be reimbursed.we are in respectful agreement with the remarks of the umpire and we are of the view that the taxes to be paid by the trustees is not a factor to be considered, as it has no relevance for ascertaining the market price of the jewellery ..... on political affairs had decided that the jewellery of the nizam were 'art treasures' and, in national interest, they should not be allowed to be taken out of the country.8.4 on 24-10-1979, the cabinet also decided to amend the rules of the antiquities act to provide for a committee to be set up to examine the jewellery items from the angle of 'art treasures' and, accordingly, rule 2a was amended and also an ..... the nizam being art treasures and heritage items should not be allowed to be taken out of the country and they should be acquired by the government for public view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD275(Hyd.)
..... so the argument that even after the appellate order is merged with the original assessment order, it is the original assessment order which is amenable to revisional jurisdiction, but not the assessment order in which the appellate order partially merged (31-3-1989) is in utter disregard of the clear and unambiguous provisions of explanation (c) to section 25(2) of the wealth-tax act and hence such an argument cannot be countenanced or upheld. ..... once the original assessment had been set aside by the commissioner of wealth-tax (appeals), the learned commissioner of wealth-tax held that they ceased to exist. ..... similar amendments have been carried out to section 25 of the wealth-tax act, 1957 and section 24 of the gift-tax act, 1958. ..... under the existing provisions of section 263 of the income-tax act, 1961, the commissioner of income-tax is empowered to call for and examine the record of the proceeding and if he considers that the order passed by the assessing officer is erroneous insofar as it is prejudicial to the interests of the revenue, he may pass an order enhancing or modifying the assessment or cancel the same with a direction to make it afresh. ..... the assessee is wrong in presuming that the revision is taken up against the original orders since they have no existence after passing of the appellate order dated 13-2-1987 they having been set aside by that date. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD21(Hyd.)
..... however, the fact remains that a reference under wealth-tax act is permissible under section 27 of wealth-tax act and similar provisions are contained for filing reference applications under other direct taxes, but still if we have to give a meaning to para-5 of the instruction, it has to be understood that the monetary limits etc. ..... 1 lakh only with regard to the income-tax matters which implied that in so far as the wealth-tax appeals are concerned, the monetary limit of rs. ..... the itat, hyderabad benches had consistently taken this view, which is in consonance with the view taken by the hon'ble bombay high court in the case of cit v. ..... 1985 issued on 29-6-2000 in para-2 which reads as under: "2) even if the issues involved in appeal under consideration are already pending in appeal before the appellate authorities, all subsequent appeals will now be filed for particular assessment year only as indicated in (1) above, if the tax effect exceeds the prescribed monetary limits" thus the monetary limit has to be worked out with reference to each assessment year." 6. ..... however, a clear departure is made while issuing instruction no.1979 dated 27-3-2000 wherein the earlier instruction with regard to the monetary limits were specifically withdrawn which is clear from paras 1 and 2 of instruction which are extracted below. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be given retrospective effect, despite a legislative declaration specifying a prospective date as the date from which the amendment is to come into force, is as to whether without the aid of the subsequent amendment, he unamended provision is capable of being so construed as to take ..... cited before us, the first contention of the revenue based on the retrospective nature of the amendment to the provisions of section 12aa, though came into statute book with effect from 1.10.2004, is liable to be rejected.7.4.a as for the existence of power in the commissioner to cancel the registration once granted, even prior to amendment of the provisions of section 12aa with effect from 1.10.2004, the contentions in brief are that the grant of registration is subject to fulfillment of specific conditions ..... , wherein interpreting retrospective amendment made to section 15 of the karnataka agricultural income-tax act, 1957, brought about subsequent to the decision of that court in ..... in that context that a legislature is competent to remove infirmities retrospectively and make any imposition of tax declared invalid, valid.7.3.o in the case of kanmarlapudi lakshminarayand chetty (air 1957 ap 159) relied upon by the assessee before us, hon'ble a.p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD109(Hyd.)
..... therefore, it is clear that the notice under section 17 of the wealth-tax act, 1957 was issued under an erroneous impression.on a reading of this letter, it is clear that the dispute was ..... the residence of the said prince and to purchase furniture and fittings for any such building and to otherwise furnish, fit up and decorate any such building with full power to the trustees to pull down any such structure and to re-erect any new structure or to make additions or alterations to any existing structure but so that the total capital expenditure incurred for the aforesaid purposes shall not exceed rs. ..... in the present case on the trustees either for the life interest of the prince or the remainderman's interest of his son prince shahmat ali khan.sub-section(2) of section 21 makes it clear that sub-section (1) of section 21 shall not prevent either the direct assessment of the beneficiaries for whose benefit the trust properties are held or the recovery of the wealth-tax in respect of the interest in the trust property which is assessed in his hands. ..... the facts of the case are as follows : in pursuance of an agreement with government of india and out of natural love and affection, heh nawab sir mir osman ali khan, nizam of hyderabad, ..... the trustees may deem fit from time to time for any urgent necessity or unforeseen circumstances or emergent expenses of the said prince such as his illness, his tour to europe or other foreign countries or otherwise for the benefit of the said prince. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD495(Hyd.)
..... in all these appeals, the dispute is against assessments made under section 21(1) of the wealth-tax act, 1957, bringing to tax the entire value of the assets held by the trust. ..... are as under : 3(c) on the marriage of the said fatima fouzia to give the articles of jewellery specified in the first schedule hereunder written to the said fatima fouzia as wedding gift to her from the settlor along with other jewellery which may be given to her on the occasion, provided, however, that soon after the ceremonies and festivities in respect of the wedding of the said fatima fouzia shall be over, she shall return and hand over ..... amina marzia within a period of three years after their respective death and to invest the net proceeds thereof in such manner and in such security or investment either in india or in any foreign country as the trustees may think fit from time to time, provided, however, that if the settlor survives the said fatima fouzia/amina marzia and if he desires to postpone the sale of the said articles or any of them ..... residence at any place and to purchase furniture and fittings for any such building and to otherwise furnish, fit up and decorate any such building with power to the trustees to pull down any such building and to re-erect any new structure or make any additions or alterations to any existing structure and if and when such property be acquired, constructed or purchased the trustees shall allow the said fatima fouzia to use and occupy the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)34ITD112(Hyd.)
..... itr 184.the question which was referred to the rajasthan high court for decision was the following: "whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that since the settlement was not the result of the application of any provision of the income-tax act, 1961, and the wealth-tax act, 1957,itwas not income-tax and wealth-tax liability within the meaning of section 2(m)(iii) of the wealth-tax act, 1957,andthattheliabilitypertainingto the assessment years ..... ), wherein it has been held that the tax liability determined as a result of settlement was allowable as deduction under section 2(m) of the wealth-tax act, 1957 for the purpose of computation of net wealth.hence the question referred was answered in favour of the assessee ..... 000 on march 24,1975, was allowable as a deduction under section 2(m) of the wealth-tax act, for determination of the net wealth for the assessment year 1972-73? ..... therefore since no liability was existing to pay any of these additional taxes on 31-3-1981, the wealth-tax officer held as follows: "therefore the liability claimed on account of income-tax payable for the earlier asst. ..... the urban land ceiling laws, the development programmers of the government and municipal laws are being tightened with an outlook to reduce the traffic congestion and to remove the traffic bottle-necks at places where traffic movement is so dense ..... of land is under an agreement of sale and not yet registered in the name of the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD87(Hyd.)
..... the income-tax officer found that under section 32 of the income-tax act, depreciation is admissible only on four types of assets - buildings, machinery, plant and furniture - and that stock cannot be treated as plants in the assessee's case as it is not the tool with the help of which the assessee carries on its business. ..... since the proper provision applicable was section 43(1) of the income-tax act, 1961 under which in computing the written down value, the actual cost had to be reduced by that portion of the cost as had been made, met directly or indirectly by any other person or authority, he withdrew these two allowances. ..... the petitioner made applications under section 35 of the wealth-tax act to the wealth-tax officer on the ground that it was an error apparent on the face of the records.applications were rejected and they were confirmed by the commissioner.the petitioner filed writ petition in the high court to quash the ..... ), for assessment years 1957-58, 1958-59 and 1959-60, the petitioner-company claimed certain amount in each year as deduction in respect of provision for taxation but the claim was disallowed on the ground that the amount provided towards tax liability did not constitute debt owed from the petitioner on the relevant valuation date within the meaning of section 2(m) of the w.t. ..... after about 18 months, under terms of agreement of purchase of the one-day old chicks, the birds were to be destroyed. ..... act, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)52ITD316(Hyd.)
..... year 1957, the wealth-tax act came into ..... follows : on the marriage of the said fatima fouzia to give the articles of jewellery specified in the first schedule hereunder written to the said fatima fouzia as wedding gift to her from the settlor along with other jewellery which may be given to her on the occasion provided, however, that soon after the ceremonies and festivities in respect of the wedding of the said fatima fouzia shall be over, she shall return and hand ..... very correctly assessed the entire capital gain that arose on the sale of the jewellery specified in the first schedule of the trust deed in the hands of the trust, obviously under section 164 as seen from the assessment order, the relevant portion of which is as follows : in the absence of any specific decision from the competent court the shares of beneficiaries in respect of the capital gain or any income arising out of the ..... fouzia in order to enable him to meet the essential expenditure for the management of the sarf-e-khas for which he will be responsible as the head of the family of the settlor but if the dynasty of the settlor shall come to an end for any reason whatsoever and there shall be no nizam of hyderabad existing at the date of the death of the said fatima fouzia then the trustees shall in the event aforesaid ..... of hyderabad was the author of this trust which duly came into existence under a written instrument of trust dated 5-9 1951 by which date the immediate beneficiary fatima fouzia was an unmarried .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)6ITD362(Hyd.)
..... during the time of the wealth-tax assessment for 1976-77 the assessee raised the plea that the provisions of section 16(3)(a)(ii) of the indian income-tax act, 1922, corresponding to section 4(1)(a) of the wealth-tax act, 1957, applies only where relationship of husband and wife subsists not only at the time of accrual of income from the assets transferred but also when transfer of assets took place ..... the ito did not agree with the contention of the assessee for the reasons which he has stated in his wealth-tax assessment order for 1976-77. ..... the question with which their lordships of the gujarat high court were confronted with was stated in the opening para of the judgment itself which is as follows: "does a gift of immovable property become complete as soon as the gift deed is executed or only upon its being registered when does the transaction become complete so as to be eligible to gift-tax under the provisions of the gift-tax act, 1958 (hereinafter referred to as 'the act') ? ..... now the first floor only is the asset with which we are concerned in these appeals. ..... in that case their lordships were not concerned with the date from which the gift deed takes effect after its being ..... in this case, we are also concerned with the date from which the settlement deed takes effect after it is being ..... the other hand, we are very much concerned with the date from which the completed transaction takes effect. ..... the wto ascertained the stage at which the document was lying with the sub-registrar. .....
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