Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... 89 of 1994 is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the land and building. ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided family at rs. ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the assessment year. ..... house, the superstructure of which is owned by the assessee in his individual capacity and the land on which the building stands is owned by the assessee as karta of the hindu undivided family could be valued by applying the provisions of section 7(4) of the wealth-tax act ?'5. ..... to put up a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the hindu undivided family for the purpose of wealth-tax. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... and in the circumstances of the case, when the net value of the assets of the business as a whole is determined under section 7(2)(a) of the wealth-tax act, 1957, the value of depreciable assets in the case of a limited company ought invariably to be so adjusted as to substitute the written down value of such assets for income-tax purpose for the value shown in the company's balance ..... the expression 'provision' shall, subject to sub-clause (2) of this clause, mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy; (b) the expression 'reserve' shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or retained ..... (2) where - (a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written off in relation to fixed assets before the commencement of this act; or (b) any amount retained by way of providing for any known liability; is in excess of the amount which in the opinion of the directors is reasonably necessary for the purpose, the excess shall ..... notes to part 1 of schedule vi it is stated as unde : 'depreciation written off or provided shall be allocated under the different asset heads and deducted in arriving at .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... the idea behind introduction of the new section 21aa was explained in the following words:'21.1 under the wealth tax act, 1957, individuals and hindu undivided families are taxable entities but an association of persons is not charged to wealth tax on its net wealth. ..... mammed kayi, : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... section 8 of the wealth tax act provides that the income tax authorities specified under section 116 of the income tax act shall be the wealth tax authorities for the purposes of the wealth tax act and every such authority shall exercise the powers and perform the functions of the wealth tax authority in respect of any individual, hindu undivided family or a company, and for this purpose his jurisdiction shall be the same as he had under the income tax act by virtue of orders or directions issued under section 120 of that act or under any ..... an association of persons cannot be taxed at all under section 3 of the act, that is why an amendment was necessary to be made by the finance act, 1981 whereby section 21aa was inserted to bring to tax net wealth of an association of persons where individual shares of the members of the association were unknown or indeterminate.20. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... and in the circumstances of the case, when the net value of the assets of the business as a whole is determined under section 7(2)(a) of the wealth tax act, 1957, the value of depreciable assets in the case of a limited company ought invariably to be so adjusted as to substitute the written down value of such assets for income-tax purposes for the value shown in the company's balance ..... expression 'provision' shall, subject to sub-clause (2) of this clause, mean any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy; (b) the expression 'reserve' shall not, subject as aforesaid, include any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets or ..... x x x (2) where- (a) any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, not being an amount written oft in relation to fixed assets before the commencement of this act; or (b) any amount retained by way of providing for any known liability, is in excess of the amount which in the opinion of the directors is reasonably necessary for the purpose, the excess shall ..... notes to part i of schedule vi it is stated as under:-- 'depreciation written off or provided shall be allocated under the different asset heads and deducted in arriving at .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... not helpful to the case of the defendants in view of the admissions made by the defendants in their income-tax and wealth tax matters which clearly show that their contribution was not more than one- fourth share in any event. ..... judgment is not applicable to the facts of the present case because admittedly the defendants have filed the income-tax and wealth-tax returns which contain the admission regarding their shares and the contribution made by them towards requiring of the property ..... he has contended that the income-tax assessment orders and wealth- tax assessment orders which are based on the income-tax and wealth-tax returns filed by the parties are not ..... their own separate business and they were themselves filing the returns of income.tax and wealth-tax in which they set up only one-fourth share each for themselves. ..... partnership business showing that any amount had been withdrawn by chiranjilal or any amount bad been contributed towards the construction of the house he admitted that he and his wife are assessed to income-tax and wealth-tax since 1964 and they have been filing the income ..... he has also contended that that copies of the income-tax assessment orders are not admissible in evidence: (11) section 45 of the transfer of property act lays down that where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... tribunal was in error in holding that the assessment orders under the wealth-tax act for the assessment years 1966-67 to 1973-74 were made 'on a protective basis'; on the other hand, the said assessments were made on a regular basis, accepting the wealth returned by the assessee, and that the said assessment orders under the wealth-tax act completely and fully explain the investments during the accounting year relevant to ..... the net effect is that the said assessment orders under the wealth-tax act do not, in any manner, invalidate the assessment orders made under the income-tax act for ..... the assessee filed a further appeal before the income-tax appellate tribunal before the tribunal, the assessee contended that in the assessments made under the wealth-tax act for the earlier assessment years, the wealth returned by him has been accepted by the wealth-tax officer, which clearly shows that the assessee possessed substantial wealth from year to year, and which also shows that the investments made ..... unobjectionable ; but, there is no material in this case, nor was any material placed by the assessee before the tribunal, to show that tax assessed under the wealth-tax act for the earlier assessment years has been collected by the revenue. ..... october 9 and 10, 1974, was the result of a notice issued under section 139(2) by the income-tax officer on september 25, 1974, for the assessment year 1974-75. ..... by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... the power of the appellate assistant commissioner under the wealth-tax act is as wide as it is in the case of his counterpart under the income-tax act, 1961 : (see section 23 of the wealth-tax act, 1957, and sections 250 and 251 of the income-tax act, 1961). ..... sub-section (5b) of section 23 of the wealth-tax act, 1957, and sub-section (6) of section 250 of the income-tax act, 1961, are identical. ..... it is claimed that a portion of this wealth is held under trust for charitable or religious purposes and is, therefore, exempt from the levy of wealth-tax under section 5(1)(i) of the wealth-tax act, 1957 (the 'act'). ..... according to me, this was the intention of the legislature when in enacting the wealth-tax act, 1957, it omitted the use of the word ' wholly ' as a qualifying word as regards the requirements concerning the objects of the trust when a similar word was to be found in section 4(3)(i) of the indian income-tax act, 1922.'24. ..... section 3 of the act, the charging section reads thus :'subject to the other provisions contained in this act, there shall be charged for every assessment 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.'93. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... capital assets' under section 2(14) of the income-tax act, 1961, and 'assets under section 2(e) of the wealth-tax act, 1957. ..... tax tribunal at the instance of assessee has referred following question of law for opinion under section 27 of the wealth tax act, 1957 (hereinafter referred to as `the act ..... clear that whatever comes within the definition of assets under the wealth-tax act in its section 2(e) should likewise come under the definition of capital assets unless specifically ..... 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the exemption u/s 5(1)(xvia) in respect of the national ..... of certain assets:(1) [subject to the provisions of sub-section (1a), wealth-tax shall not be payable by an assessee in respect of the following assets], and such assets shall not be included in the net wealth of the assessee. ..... in response to the said notice the assessee has furnished a return of net wealth on 27.3.84 showing net wealth at rs.2,96,604/- stating in part iv of the said return as under: 'gold bold is not converted into gold before the ..... 1980 grams - 1639'.4.1(a) it was also mentioned in the statement of computation of net wealth accompanied to the return of wealth that :-'the said national defence gold bond is exempted under sec. ..... completed on 19.3.83 accepting net wealth at rs.2,96,604/- under sub-section (1) of section 16 of the wealth tax act.4.1 subsequently a notice under .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... may also be noted that when an appeal is heard by the commissioner of income-tax (appeals) under section 23 of the wealth-tax act, 1957, and one of the questions involved in the appeal relates to the valuation of any asset, the commissioner of income-tax (appeals) is required to give a notice of hearing to the departmental valuation officer under sub-section (3a) of section 23 of the wealth-tax act, 1957. ..... in the absence of any provision in the income-tax law corresponding to section 23(3a) of the wealth-tax act, 1957, the first question raised by the revenue in this reference is answered in the affirmative and in favour of the assessee ..... report of the district valuation officer obtained under section 16a(5) of the wealth-tax act, 1957, is wholly irrelevant as this was not a case of assessment under the wealth-tax act. ..... matter of cost of construction of the annexe building was also referred by the income-tax officer to the district valuation officer under section 16a(5) of the wealth-tax act, 1957. ..... income-tax officer referred the question of valuation of the cost of construction of the main building to the district valuation officer (dvo) under section 16a(5) of the wealth-tax act, 1957. ..... the tribunal is also required to give a notice to the departmental valuation officer before disposing of an appeal under section 24(5) of the wealth-tax act, 1957.11. ..... , as the assessee itself had offered the income for being taxed, the income-tax officer computed the net income from business at rs. .....
Tag this Judgment!Court : Karnataka
Reported in : (2009)227CTR(Kar)480; [2009]184TAXMAN88(Kar)
..... the assessee in a body of individuals can be brought to wealth tax in accordance with rules 15 and 16 to 20 of iii schedule to the wealth-tax act read with section 4(1)(a) of the wealth-tax act especially when the hon'ble supreme court in meera and company v ..... whether the appellate authorities were correct in reopening assessment under section 17 of the wealth-tax act and bringing to tax the respective share held by the assessee in each of the 'body of individuals' based on the share each individual received at the time of its ..... section 16(3) of the wealth-tax act. ..... law are to be treated as one question and if we are of the opinion that the assessee herein had a definite share which can be ascertained and can be brought into provisions of the wealth tax, findings of the tribunal and the commissioner of wealth tax are to be set aside and if the share of the assessee cannot be determined in terms of the trust deed, then assessee cannot be directed to declare the undetermined share in the return ..... conditions of the trust, commissioner of wealth tax as well as the tribunal have come to the conclusion that the share of the assessee was not determinable under the trust deed and therefore assessee could not have included the assets of the trust determining his share while filing the return under the provisions of the wealth-tax act. ..... in holding that the assets in the hands of 'body of individuals' cannot be brought into account of the assessee under the provisions of the wealth-tax act?2. .....
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