Court : Allahabad
Reported in : [1993]201ITR750(All)
..... was an industrial undertaking within the meaning of section 5(1)(xxxii) of the wealth-tax act, 1957, even though the firm did not manufacture the leather boots itself ?' 3. ..... at the instance of the revenue, two following common questions relating to the assessment year 1974-75 have been referred by the appellate tribunal to this court under section 27(1) of the wealth-tax act, 1957, for its opinion :' 1. ..... whether the income-tax appellate tribunal was correct in law in holding that fabrication of leather boots be regarded as manufacturing or processing of goods within the meaning of section 5(1)(xxxii) of the wealth-tax act, 1957 ? 2. ..... the firm was, therefore, clearly an industrial undertaking and the assessee was entitled to exemption under section 5(1)(xxxii) of the wealth-tax act in respect of his share in the firm.'5. ..... following the aforesaid decisions, we hold that the firm in which the assessees are partners will be characterised as an industrial undertaking within the meaning of section 5(1)(xxxii) of the act despite the fact that it got the leather boots manufactured on job basis from others to whom the raw material was supplied and labour charges were paid on contract basis.7. ..... engaged in the manufacture of leather boots itself but gets the boots manufactured on job basis from contract labourers to whom the aforesaid firm supplies the raw material and then makes payment of labour charges with reference to the pieces manufactured by them. .....
Tag this Judgment!Court : Chennai
Reported in : [1963]50ITR809(Mad)
..... 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; and(ii) debts which are secured on, or which have been incurred in relation to any asset in respect of which wealth-tax is not ..... 89,761, which represents the wealth-tax paid by the assessee company for the years 1957-58, 1958-59 and 1959-60 is to be excluded from the assessment ?'t.c. no. ..... it was assessed to wealth-tax for the assessment years 1957-58, 1958-59 and 1959-60 and a tax of rs. ..... the charging section is section 3 which is as follows :'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from the first day of april, 1957, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule. .....
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 : Chennai
Reported in : [1989]179ITR228(Mad)
..... in holding that the assessee's addiction to alcohol would constitute reasonable cause for not filing the return within the prescribed time wealth-tax assessment years 1966-67 to 1969-70 : (1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the penalties levied under section 18(1)(a) of the wealth-tax act, 1957 (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the assessee's addiction ..... the few occasions on which the assessee had done something with a view to discharge his responsibilities show that whenever the assessee was in a position to act in a normal and ordinary manner, he had done some acts to establish that he was not acting in defiance of the law or in utter disregard of the same, but was trying his best to comply with the same even with the state of health in which he then found himself. ..... matters owing to his deteriorating physical and mental condition and the tribunal, after considering the evidence placed by the assessee in support of his serious illness and failing health, had found that reasonable cause existed for the delay in the filing of the returns and that finding of fact did not deserve to be disturbed. .....
Tag this Judgment!Court : Kolkata
Reported in : AIR1970Cal462,[1970]78ITR214(Cal)
..... ' the big issue unquestionably then is that this land to begin with is agricultural land which lias been expressly excluded by section 2(e) of the wealth tax act as forming part of the assets in the scheme of the wealth tax act but the revenue authorities contend that by a statutory provision a 'new kind of property' described as right to receive compensation, has been created independently of all concept of agricultural land and its ..... over-emphasize the fact and we repeat that compensation either interim or final when paid certainly becomes an asset, a part of the wealth and will attract wealth tax under the wealth tax act wilnin the definition of asset in section 2(e) of the wealth tax act and we also repeat that mere physical or other mechanical difficulties of valuing an asset, will be no deterrent under section 7 of the wealth tax act, so long it does not suffer from legal prohibition of being sold in real or imaginary open market. ..... one point, however, we do not find ourselves in agreement with the view of the tribunal where it said that the alleged right to compensation cannot be enforced because section 58 of the west bengal estates acquisition act was a bar. ..... it is only property or wealth or income which the assessee acquires or inherits is the subject of a tax on the ground that such acquisition or inheritance is rendered possible by the existence of an orderly state or ..... of case refers to the assessments during 1957-58, 1958-59 and 1950-60. ..... kerala, air 1957 sc 57. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2001]247ITR549(J& K)
..... this reference under section 27(1) of the wealth-tax act, 1957 ('the act') (erroneously numbered as income-tax reference), at the instance of the revenue, the income-tax appellate tribunal, amritsar bench, amritsar ('the tribunal'), has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in confirming the order of the commissioner of income-tax (appeals) quashing the assessment framed by the wealth-tax officer following the ..... above case, the supreme court considered at length the question whether the wealth-tax act (minus agricultural land) related to entry 86 of list i (union list) of the seventh schedule as contended by the revenue or entry 97 of list iii (concurrent list) as contended by the assessee and held (page 633) : 'the language of entry 86 also clearly indicates that the tax is upon individuals and not directly upon the assets or upon their value ..... the real controversy in this case is in regard to the legislative competence of parliament to enact the wealth-tax act in relation to the state of jammu and kashmir in view of the special provision contained in article 370 of the constitution ..... the tribunal followed the decision of this court, which was binding on it and held that it was ..... wealth-tax is determined with reference to the capital value of the assets minus debts and other deductions mentioned in the act ..... is disposed of accordingly with no order as to costs .....
Tag this Judgment!Court : Mumbai
Reported in : [2003]264ITR667(Bom)
..... the assessee-company filed its return of wealth on april 13, 1992, in response to a notice under section 17(1) of the wealth-tax act, 1957, declaring the net wealth of rupees nil, the assessing officer calculated the net wealth of the assessee-company at rs. ..... remanding the matter, the commissioner of income-tax (appeals) further observed that the rate of capitalisation should be worked out on a scientific basis and, consequently, the assessing officer was directed to apply schedule iii to the wealth-tax act and revalue the property on that basis. ..... commissioner of income-tax (appeals) has merely directed valuation of the property as per schedule iii to the wealth-tax act. ..... commissioner of income-tax (appeals) has merely directed the assessing officer to revalue the property after taking into account the principles mentioned in schedule iii to the wealth-tax act. ..... aggrieved by the decision of the tribunal, the department has filed this appeal under section 260a of the income-tax act, 1961.facts :3. ..... of 2001 is in respect of the assessment year 1992-93 and the wealth-tax appeal no. ..... of 2001 is in respect of the assessment year 1989-90, wealth-tax appeal no. ..... the aforesaid reasons, the tribunal was right in not interfering with the order of remand passed by the commissioner of income-tax (appeals).argument :4. ..... the above three appeals deal with common question of facts and, therefore, they are disposed of by this common ..... , all the three appeals are dismissed with no order as to costs. .....
Tag this Judgment!Court : Allahabad
Reported in : [1991]192ITR686(All)
1. under section 27(3) of the wealth-tax act, 1957, the following two questions have been stated by the tribunal :'1. whether the income-tax appellate tribunal was correct in law in holding that preparation of biris from tendu leaves and tobacco can be called 'manufacturing or processing of goods' within the meaning of section 5(1)(xxxii) of the wealth-tax act, 1957? 2. if the answer to the above is in the affirmative, whether the income-tax appellate tribunal was correct in law in holding that the firm, messrs ram kishan daya ram and co., was an industrial undertaking even though the firm did not prepare biris by itself ?' 2. it is brought to our notice that both the questions are concluded in favour of the assessee and against the revenue by the decision of this court in cwt v. mubarakali khan and cwt v. mujahid ali khan : [1980]123itr101(all) , wherein it has been held that preparation of biris from tendu leaves and tobacco can be called 'manufacturing or processing of goods' within the meaning of section 5(1)(xxxii) of the wealth-tax act. if it is manufacturing or processing of goods, it would also constitute an industrial undertaking.3. accordingly, the two questions are answered in the affirmative, that is, in favour of the assessee and against the revenue.4. no costs.
Tag this Judgment!Court : Chennai
Reported in : (1995)129CTR(Mad)397; [1995]215ITR461(Mad)
..... however, which falls under section 4(1)(a) (i) and (ii) of the wealth-tax act; the assets held by the transferees are clubbed with the assets of the individual, whose spouse or minor children they are and in such a case, the assets held by the spouse of the individual or any minor child, will not bear any additional wealth-tax, but on account of additional wealth by ..... above all, though an argument was raised in the high court on behalf of the department that for the operation of the doctrine of blending it was essential that there should exist not only a coparcenary but also a coparcenary property, learned counsel who appeared for the department in the high court, 'did not, after some discussion, press that there ..... the wealth-tax act, 1957, brought a charge for every assessment year commencing on and from the 1st day of april, 1957, by way of a tax called the wealth-tax, in respect of net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the ..... it states, inter alia, that there shall be included as belonging to that individual, the value of assets which on the valuation date are held : (i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration or in connection with an agreement to live apart, or (ii) by a minor child, not being a married daughter of such individual, to whom such assets have been transferred by the individual .....
Tag this Judgment!Court : Chennai
Reported in : [1969]72ITR107(Mad)
..... this and the other two questions, which we shall presently reproduce, turn on whether the taxes for which provision has been made in the assessment year are debts owed by the assessee under section 2(m) of the wealth-tax act, 1957. ..... we are, in the present case, concerned with the third item, which is the amount of tax, penalty or interest payable in consequence of any order passed under, or in pursuance of the act, or any law relating to taxation of income or profits, or the estate duty act, 1953, the expenditure-tax act, 1957, or gift-tax act, 1958, (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him, or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding ..... the learned judge was of opinion that the liability did not give rise to any obligation to pay a sum of money either determined or detenninable in the light of factors existing on that date,for, the liability to pay tax arose only when the finance act became operative on the first day of april of the assessment year either by the enactment of an act or by reason of section 67b of the income-tax act, 1922. ..... the policy of the section, as it originally existed or even as amended in 1955 and 1957, seems to be to deter the corporate bodies of the type, which fall within the ambit of the section, from accumulating the undistributed profits beyond a certain limit. .....
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