Court : Jammu and Kashmir
Reported in : [2001]247ITR549(J& K)
..... by 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 decision ..... 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. ..... it is a net wealth tax. ..... net wealth of an individual necessarily means what all he owns minus what all he owes '--and this is what the act purports to tax.' ..... it is a tax upon the net wealth of an individual ..... material facts giving rise to this reference are as follows : the asses-see filed his return of net wealth on february 25, 1978, declaring his net wealth at rs. ..... the inspecting assistant commissioner of wealth-tax made the assessment on march 30, 1982, and determined the net wealth of the assessee at rs. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2000]246ITR603(J& K)
..... whether, on the facts and in the circumstances of the case, the tribunal is right in law in considering in the course of and for the purpose of disposing of an appeal with regard to levy of penalty for default under section 18(1)(a) of wealth tax act, 1957 a challenge to the validity of the assessment order which was in fact final and conclusive?2. ..... by this reference under section 27(1) of the wealth-tax act, 1957 ('act') (erroneously numbered as income-tax reference), the income-tax appellate tribunal, amritsar bench, amritsar ('tribunal') has referred the following three questions of law to this court for opinion at the instance of the revenue :'1. ..... like section 143(3) of the income-tax act, section 16(3) of the act also provides that the assessing officer shall, by order in writing, assess the net wealth of the assessee and determine the tax payable on the basis of such assessment. ..... as held by the supreme court and this court in the cases cited above, this requirement does not mean that both the calculations, that is, calculation of the net wealth as well as of the tax payable, should be done on the body of the assessment order itself. ..... any person objecting to the amount of net wealth determined under the act or objecting to the amount of wealth tax determined as payable by him under the act or denying his liability to be assessed under the act may appeal to the appellate assistant commissioner under clause (a), (b) and (c) of section 23(1) of the act respectively. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : AIR1997J& K132
..... given by the learned single judge.considering the provisions of clause (xiv) under explanation-1 of section 5 of the wealth tax act, 1957, extracted above, the court will have to see whether the jewellery in possession of any ex-ruler found to be his personal property which has been recognised as such before the commencement of the wealth tax act, 1957, it is for the central government to decide whether any of these articles are heirlooms or ..... by the learned senior counsel for the petitioner is that by virtue of the action taken by the writ petitioner by obtaining orders of assessment assessing the value of some of the properties to tax under the wealth tax act, 1957 and having got orders of assessment for the years 1978, 1979 and 1981, the court must take into consideration that the bona fides of the petitioner are :i) to show that he is ..... & kashmir was perfectly constitutional.the contention that valuable moveables (563) belonged to the huf of petitioner and therefore, an attempt was made to bring some of these articles to tax under the wealth tax act, 1957 by which the petitioner wanted to show his bona fides that these moveables are his private properties, it is necessary to mention here the hon'ble supreme court while dealing with ..... air scw 490), has held as follows :--'we are, therefore, of the opinion that the wealth tax act (as originally enacted and extended to j & k) is a 'net wealth tax act', imposed upon the individuals, group of individuals like hufand companies. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2000]246ITR607(J& K)
..... 7 of 1979), it has been held that it will be sufficient compliance with the requirements of section 16(3) of the wealth-tax act, 1957, if the tax payable is also calculated and the assessing officer approves the same by putting his signature thereon. ..... is a reference under section 27(1) of the wealth tax act, 1957 (erroneously numbered as income-tax reference). ..... consider the challenge to the validity of the assessment order, which has become final and conclusive, in an appeal against the order of the appellate assistant commissioner passed on an appeal against an order of penalty under clause (d) of section 23(1) of the wealth- tax act. ..... ('tribunal') has referred the following questions of law to this court for opinion at the instance of the revenue :'i) whether, in view of the fact that tax had been properly calculated on a separate calculation sheet duly signed by the wealth-tax officer on the same date on which the order computing the taxable wealth has been signed by him, the tribunal is right in holding that the ratio of the decision given by the j&k; high court in the case of s. ..... is immaterial whether the calculation is made on the same sheet of paper on which the net wealth has been assessed or on a separate sheet of paper. ..... the instant case, there is no dispute about the fact that the tax payable had been duly calculated on a separate calculation sheet, which was signed by the wealth-tax officer on the same date on which the order computing the net wealth was signed by him. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : (2001)165CTR(J& K)347,[2001]246ITR603(J& K)
..... the facts and in the circumstances of the case, the tribunal is right in law in considering in the course of and for the purpose of disposing of an appeal with regard to levy of penalty for default under section 18(1)(a) of the wealth tax act, 1957, a challenge to the validity of the assessment order which was in fact final and conclusive ?2. ..... j.by this reference under section 27(1) of the wealth tax act, 1957, (hereinafter referred to as 'the act') (erroneously numbered as income-tax reference), the income tax appellate tribunal, amritsar bench, amritsar (hereinafter referred to as 'the tribunal'), has referred the following three questions of law to this court for opinion at the instance of ..... like section 143(3) of the income tax act, section 16(3) of the act also provides that the assessing officer shall, by order in writing, assess the net wealth of the assessee and determine the tax payable on the basis of ..... the supreme court and this court in the cases cited above, this requirement does not mean that both the calculations, that is, the calculation of the net wealth as well as of the tax payable, should be done in the body of the assessment order itself. ..... objecting to the amount of net wealth determined under the act or objecting to the amount of wealth-tax determined as payable by him under the act or denying his liability to be assessed under the act may appeal to the appellate assistant commissioner under clauses (a), (b) and (c) of section 23(1) of the act, respectively. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [2001]246ITR607(J& K)
..... 7 of 1979), it has been held that it will be sufficient compliance with the requirements of section 16(3) of the wealth tax act, 1957, if the tax payable is also calculated and the assessing officer approves the same by putting his signature thereon. ..... j.this is a reference under section 27(1) of the wealth tax act, 1957 (erroneously numbered as income-tax reference). ..... cannot consider the challenge to the validity of the assessment order, which has become final and conclusive, in an appeal against the order of the appellate assistant commissioner passed on an appeal against an order of penalty under clause (d) of section 23(1) of the wealth tax act. ..... (ii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in cancelling the penalty order on the ground that there was no legally determined wealth, when the assessment order determining the wealth passed on 27-3-1971, has already become final (iii) whether, on the facts and in the circumstances of the case, the tribunal is right in law in deleting the penalty of rs. ..... it is immaterial whether the calculation is made on the same sheet of paper on which the net wealth has been assessed or on a separate sheet of paper. ..... in the instant case, there is no dispute about the fact that the tax payble had been duly calculated on a separate calculation sheet, which was signed by the wealth tax officer on the same date on which the order computing the net wealth was signed by him. .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : (1983)35CTR(J& K)194,[1983]142ITR574(J& K)
..... it was only assumed that the original wealth-tax act fell within entry 86, list i, and on that assumption that entry was analysed and contrasted with entry 49, list ..... may mention that this court has never held that the original wealth-tax act fell under entry 86, list i. ..... would also be noticed that entry 86, list i, deals only with individuals and companies but net wealth-tax can be levied not only on individuals but on other entities and associations also. ..... section 3 of the act declares that there shall be charged for every assessment year a tax in respect of the net wealth, on the corresponding valuation date, of every individual, huf and company at the rate or rates specified in the ..... common question of law arising for our determination in this group of writ petitions is :'whether the wealth-tax act, 1957 (central act no. ..... act, 1957, is referable to the field of residuary powers of legislation and not to entry 86 of list i of the seventh schedule and, that being so, parliament had no legislative competence to enact the said act in relation to the state of jammu and kashmir because the residuary power to legislation, unlike other states in india, belongs to the jammu and kashmir state legislature and not to the union ..... act, 1957, in so far as it purports to be applicable to the state of jammu and kashmir, is ultra vires the constitution of india, as applied to the ..... xxvii of 1957), in so far as it purports to be applicable to the state of jammu and kashmir, is constitutionally valid .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : (2001)169CTR(J& K)273,[2001]248ITR744(J& K)
..... to the association as under : 'i am directed to refer to your letter dated april 3, 1974, addressed to the finance minister and to confirm that the provisions of clauses (xxxi) and (xxxii) of sub-section (1) of section 5 of the wealth-tax act, 1957, would be applicable to such of the undertakings of the forest lessees as are engaged in the business of extraction of wood from the forest, i.e. ..... vice president, jammu forest lessees association, confirming that the provisions of clauses (xxxi) and (xxxii) of sub-section (1) of section 5 of the wealth-tax act, 1957, would be applicable to such of the undertakings of the forest lessees as are engaged in the business of extraction ..... was whether the forest lessees of jammu and kashmir could be said to be engaged in the business of manufacture of goods and entitled to the benefit of exemption from wealth-tax under clauses (xxxa), (xxxi) and (xxxii) of the wealth-tax act. ..... circumstances of the case, the appellate tribunal is right in law in holding that the undertaking of the assessee constituted an industrial undertaking within the meaning of section 80j(4) and that it is entitled to claim deduction admissible under section 80j of the income-tax act, 1961, in respect of the income from this undertaking ?' 2. ..... by this reference under section 256(1) of the income-tax act, 1961 (the 'act'), the income-tax appellate tribunal, amritsar bench, amritsar (the 'tribunal'), has referred the following two questions of law to this court for opinion .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : 2005(2)JKJ5
..... in coming to the conclusion that the transaction of generation, supply and sale constitutes inter-state sale on account of instantaneous movement of goods from one state to another under section 3 of the central sales tax act, 1956, the supreme court noticed the attributes of inter-state sale in these words:'it is well settled by a catena of decisions of this court that a sale in the course of inter-state trade has three essential ingredients: (i) there ..... the dispute in this writ petition relates to competence of the government of jammu and kashmir to levy electricity duty on generation of electric energy in exercise of power under section 3(1) of the jammu and kashmir electricity (duty) act, 1963, which is sought to be done by notification, sro 141 dated 21st april, 1999. ..... it is admitted position that rules have not been framed under section 11 of the act which makes the entire act unworkable and the rate fixed by the notification vulnerable.16. ..... while referring to the execution of the impugned demand, we may notice section 8 of the electricity (duty) act which has some bearing on the question of levy of duty on generation/production of electricity ..... as a matter of fact, j&k; electricity (duty) act, 1963 has been enacted to provide for levy of electricity duty on sale and consumption of electricity and not on generation thereof and, therefore, in purported exercise of power under sub-section (1) of section 3 of the act no such duty can be levied on generation by the impugned .....
Tag this Judgment!Court : Jammu and Kashmir
Reported in : [1975]98ITR311(J& K)
..... this company claimed rebate in accordance with the provisions of section 84 of the income-tax act, technically known as tax holiday, on the ground that it was a new business and was, therefore, entitled to rebate for a period of ..... the same business in a new manner and, therefore, the conditions of section 84(2)(i) of the income-tax act were not fulfilled. ..... that even if the new company be deemed to be a continuation of the old company, since a new business had been started, the assessee was entitled to tax holiday under section 84 of the income-tax act. ..... therefore, we answer the reference in the affirmative and hold that the tribunal was right in deciding that the assessees were entitled to the exemption provided under section 84 of the income-tax act of 1961. ..... been referred to us in both these cases : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessee-company was entitled to the exemption provided under section 84 of the income-tax act, 1961 ? ..... chemical industries started manufacture of alcoholic spirits after taking a licence from the government in 1961, it became a new undertaking and was, therefore, entitled to the benefit conferred on such an undertaking by section 84(2)(ii) of the income-tax act. ..... over the new business, is a pointer to the fact that there was no sale but reconstruction of the old business and, therefore, the case admittedly did not fall within the purview of section 84(2)(ii) of the income-tax act. .....
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