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Commissioner of Wealth Tax, Gujarat-iii, Ahmedabad Vs. Ellis Bridge Gy ...

Court : Supreme Court of India

Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626

..... of section 3 of the wealth tax act is contrasted with the provisions of other cognate statutes it will clearly appear that the intention of the legislature was not to treat an association of persons or a body of individuals or a firm as a unit of assessment for the purpose of imposition of wealth tax, there is no other explanation why these units of assessment which have been specifically made taxable under the indian income tax act, 1922, the gift tax act, 1958 and the income tax act, 1961 have been left out of the charging section of the wealth tax act.10. ..... 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. ..... there were also provisions for including in the income of an assessee income from assets transferred directly or indirectly to his wife otherwise than for adequate consideration or in connection with an agreement to live apart. ..... the court thereafter pointed out that this conclusion accorded with legislative history of the taxing statutes in the country. ..... an unincorporated members' club was a society of persons and did not have any existence apart from the members of which it was composed. .....

Travancore Titanium Products Ltd. Vs. Commissioner of Income-tax, Kera ...

Court : Supreme Court of India

Reported in : AIR1966SC1250; [1966]60ITR277(SC); [1966]3SCR321

..... 3 of the wealth tax act, 1957, for every financial year in respect of the net wealth of every individual, hindu undivided family and company at the rate or rates specified in the schedule to the act; and 'net wealth' under the act means the amount by which the aggregate value computed in accordance with the provisions of the act of all the assets belonging to the assessee on the valuation date is in excess of the aggregate value of all the debts owed by the assessee on that date other than ..... /- in respect of liability for payment of tax under the wealth tax act 27 of 1957 incurred by the company for the calendar years 1957 and 1958. ..... 10(2)(xv) of the indian income-tax act in his assessment to income-tax, for tax is imposed under the wealth tax act on the owner of assets and not on any commercial ..... 873/- being the wealth tax paid during the account year ended 29-2-1960 against the profits and gains of its business for the assessment year 1960-61 under section 10(2)(xv) of the indian income-tax act ? ..... the slabs on which the rate of tax is nil are not uniform in the case of different taxable entities and a special exemption is given to a company which has incurred in any year loss computed in accordance with sections 8, 9, 10 and 12 of the income-tax act without referring to depreciation allowances and development rebates and without taking into account the losses brought forward from the earlier years, and which has not declared any dividend on its equity capital in respect of that .....

Goldberg Vs. Sweet

Court : US Supreme Court

..... of recent technological changes creating billions of possible electronic paths that an interstate telephone call can take from one point to another, which paths are often indirect, typically bear no relation to state boundaries, and are virtually impossible to trace and record, illinois passed its telecommunications excise tax act (tax act), which, inter alia, imposes a 5% tax on the gross charges of interstate telecommunications originated or terminated in the state and charged to an illinois service address, regardless of where a particular call ..... under the four-pronged test originated in complete auto, a state tax will withstand scrutiny under the commerce clause if "the tax is applied to an activity with a substantial nexus with the taxing state, is fairly apportioned, does not discriminate against interstate commerce, and is fairly related to the services provided by the state. ..... [ footnote 5 ] section 4 states in part: "a tax is imposed upon the act or privilege of originating in this state or receiving in this state interstate telecommunications by a person in this state at the rate of 5% of the gross charge for such telecommunications purchased at retail from a retailer by such person. .....

Mitsui Steamship Co. Ltd. Vs. C.i.T., West Bengal, Ii, Calcutta

Court : Supreme Court of India

Reported in : AIR1975SC657; [1975]99ITR7(SC); (1975)1SCC394; [1975]3SCR467; 1975(7)LC212(SC)

..... the explanation to the new sub-clause (iia) inserted in section 40 of the income-tax act, 1961 which section 4 of the amendment act adopts for the purposes of that section, defines 'wealth-tax' to include, inter alia, besides wealth-tax chargeable under the wealth-tax act, 1957, 'any tax of a similar character chargeable under any law in, force in any country outside india'. ..... net wealth as denned in section 2(m) of the wealth-tax act, 1957 means, broadly, the aggregate value of all the assets, wherever located, belonging to the assessee minus the total amount of the debts, with certain exceptions, owned by him. ..... section 2 of the amendment act inserted with retrospective effect a new sub-clause (iia) in clause (a) of section 40 of the income-tax act, 1961 which specifies the amounts not deductible in) computing the income chargeable under the head 'profits and gains of business or profession'. ..... sub-clause, 'wealth-tax means wealth-tax chargeable under the wealth-fax act, 1957 (27 of 1957), or any tax of a similar character chargeable under any law in force in any country outside india or any tax chargeable under such law with reference to the value of the assets of, or the capital employed in, a business or profession carried on by the assessee, whether or not the debts of the business or profession are allowed as a deduction in computing the amount with reference to which such tax is charged, but does not include any tax chargeable with reference to the .....

Commissioner of Wealth Tax Vs. Dr Karan Singh and ors.

Court : Supreme Court of India

Reported in : (1993)110CTR(SC)221; [1993]200ITR614(SC); JT1993(2)SC321; (1993)2MLJ57(SC); 1993(1)SCALE270; 1993Supp(4)SCC500

..... the respondents in these appeals have successfully contended before the high court that the wealth tax act 1957 is not applicable to the state of jammu and kashmir in as much as section 1(2) of the act in so far as it extends the act to jammu and kashmir, is ultra vires the power of parliament. ..... . in the case of the wealth tax act sections 3 to 7 read with sections 2(e) and 2(m) have to be ..... . dealing with the deductions which are allowed under the wealth tax act for liabilities and debts, the learned counsel proceeded to say that that is the methodology of levy of this form of capital taxation adopted ..... the learned counsel summed up by saying that the substance of the practice adopted in other countries and the economic concept underlying the theory of equimarginal sacrifice, which is called the ability to pay, is that there will be no true measure of a person's net worth unless from the gross aggregate capital value, deductions are given for liabilities and debts, and that is the rationale of entry 86 as also that the wealth tax act.21 ..... the main importance of this distinction is that taxes in the first group pre-suppose a taxpayer with independent legal existence, that is, an individual or a legal entity (juridical person), while in the case of taxes in the second group, the taxable object itself is deemed liable for the tax, in addition to its owner, so that the taxpayer can be a partnership, association of the civil law, or other combination of persons without separate legal existence .....

Standard Mills Co. Ltd. Vs. Commissioner of Wealth-tax, Bombay City

Court : Supreme Court of India

Reported in : AIR1967SC595; [1967]63ITR470(SC); [1967]1SCR768

..... 2,95,869 paid by the assessee after the valuation date in accordance with the notice of demand dated 20-10-1956 is an admissible deduction under sections 7(2) and 2(m) of the wealth-tax act for the purpose of computation of the net wealth of the assessee for the assessment year 1957-58 (2) whether on the facts and circumstances of the case in computing the net wealth of the assessee under section 7(2) read with section 2(m) of the wealth-tax act the liability for income-tax and business profits tax could be allowed as a deduction (3) whether on the facts and ..... computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee 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 assessee 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 is not chargeable ..... : [1965]55itr556(guj) that deduction for an amount claimed on account of liability for gratuity for workers and employees based on awards of the labour courts and agreements will be admissible deductions in the computation of the net wealth are plainly obiter, and in our judgment are not correct. 12. ..... the liability does not exist in praesenti : it is contingent upon the determination of .....

The Burma Oil Co. (i) Trading Ltd., Calcutta Vs. the Commissioner of W ...

Court : Supreme Court of India

Reported in : AIR1977SC784b; [1977]108ITR513(SC); (1977)1SCC196; [1977]2SCR295

..... it was held in that case by majority that the amount set apart by the appellant-company in its balance-sheet as on december 31, 1956 as an estimated provision for meeting its tax liability, less the last instalment of the demand of the advance tax, was a debt owed by the appellant company on december 31, 1956, the relevant valuation date, within the meaning of section 2(m) of the wealth tax act, 1957, and was deductible in computing its net wealth as on that date. ..... this appeal on certificate is against the judgment of the calcutta high court whereby the high court answered the following question referred to it under section 27 of the wealth tax .act in favour of the revenue and against the assessee-appellant:whether on the facts and in the circumstances of the case, the provision of rs ..... 49,19,520/- made by the assessee for its tax liability less the amount of the last instalment of advance tax constituted a debt owed by the assessee within the meaning of clause (m) of section 2 of the wealth tax act on the relevant valuation date?2. ..... the claim was disallow ed by the wealth tax officer, the appellate assistant commissioner of wealth tax and the tribunal. ..... commissioner of wealth tax, central calcutta : [1966]60itr267(sc) ..... commissioner of wealth tax, central calcutta : [1963]48itr49(cal) .4 ..... the matter relates to the assessment year 1958-59, the relevant valuation date for which was december 31, 1957. ..... the appellant claimed the amount as a deduction in the computation of the net wealth. .....

T.S. Krishna Vs. C.i.T., Madras

Court : Supreme Court of India

Reported in : AIR1976SC2674; [1973]87ITR429(SC); (1973)1SCC69; [1973]2SCR533

..... of the amendment act :(2) in section 40 of the income-tax act, 1961 (hereinafter referred to as the principal act), after sub-clause (ii) of clause (a), the following sub-clause shall be, and shall be deemed always to have been, inserted, namely :(iia) any sum paid on account of wealth-tax.explanation-for the purposes of this sub-clause, 'wealth-tax' means wealth-tax chargeable under the wealth-tax act, 1957 or any tax of a similar character chargeable under any law in force in any country outside india or any tax chargeable under such law with reference to the ..... scheme of the act there is no logical connection between the import of each of the two parts of that sentence, the first definitely indicates the wealth-tax chargeable under the wealth-tax act while the latter seeks to except a tax chargeable with reference to the value of any particular business or profession which is not a tax leviable as such under the wealth-tax act and hence does not relate to that part of the explanation where wealth-tax in sub-clause (iia) means that it is the wealth-tax charge able under the wealth-tax act. .....

Commissioner of Wealth-tax, West Bengal I Vs. Aluminium Corporation of ...

Court : Supreme Court of India

Reported in : [1970]78ITR483(SC)

..... 1963, by certificate granted under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as the ' act ').2. ..... tribunal stated a case to the high court on the following questions of law :(1) whether, on the facts and in the circumstances of the case, in determining the net value of the assets of the assessee-company under section 7(2) of the wealth-tax act, the value of the company's fixed assets as shown in its balance-sheet as on the valuation date should have been substituted by the written down value of these assets as per the company's income ..... (2) notwithstanding anything contained in sub-section (1), - (a) where the assessee is carrying on a business for which accounts are maintained by him regularly, the wealth-tax officer may, instead of determining separately the value of each asset held by the assessee in such business, determine the net value of the assets of the business as a whole having regard to the balance-sheet of such business ..... the wealth-tax officer rejected the respondent's contention that the revaluation arose in order to determine the replacement value of assets for the purpose of insurance, because that reason was not mentioned in the directors' report and the assets had been insured since 1952 and the 'reinstatement value clause' was in existence even at ..... will be no order with regard to costs in this ..... we set aside the judgment of the high court dated january 29, 1965, and remand the case for rehearing and determination in accordance with law. .....

Commissioner of Wealth Tax, Patna Vs. Raghubar NaraIn Singh

Court : Supreme Court of India

Reported in : AIR1984SC963; (1984)39CTR(SC)153; [1984]146ITR228(SC); 1984(1)SCALE312; (1984)3SCC59; [1984]2SCR625; 1984(16)LC353(SC)

..... 388760 due from raja prithivichand lal chaughury under claim decrees obtained against them by the assessee under the bihar land reforms act are assets of the assessee within the meaning of wealth tax act, 1957, and have been valued under the said act by correctly applying the provisions of section 7 of the act for the purpose of including their values in the net wealth of the assessee?2. ..... the wealth tax officer included in the net wealth of the assessee, various amounts of money due under the decrees which the assessee had obtained against certain debtors, as well as the compensation payable to him under the bihar land reforms act after valuing the bonds. ..... which are deductible from the compensation under section 4(c) of the bihar land reforms act, 1950, if the same has not been deducted before the issue of the compensation bond, then the possibility and the hazard of its being deducted from the compensation involved is a factor which has to be taken into account in estimating the value, of the right of compensation for the purpose of estimating the net wealth of the assessee on the valuation date under the wealth tax act ..... we are in agreement with the high court that merely because the assessee had shown the full decretal amounts in his books as still due, would not ipso facto lead to the conclusion that they would be valued at those .....