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
..... this reference under section 27(1) of the wealth-tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7of the wealth-tax act which have been argued with considerable vigour and ability by ..... the facts 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-sheet? ..... (a) 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 by way ..... section 22 etc ..... illustrated by pointing out that there was no charge on the 1938-39 income either of the appellant or his daughters, nor assessment of such income until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment, etc. .....
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 .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... this reference under section 27(1) of the wealth tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7 of the wealth tax act which have been argued with considerable vigour and ability by ..... the facts 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-sheet? ..... (a) 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 by ..... section 22 etc ..... illustrated by pointing out that there was no charge on the 1938-39 in-come either of the appellant or his daughters, nor assessment of such income until the passing of the indian finance act of 1939, which imposed the tax for 1939-40 on the 1938-39 income and authorised the present assessment etc'. .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... this judgment is 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. ..... this 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 in question. ..... 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 admissible in evidence. ..... 3 were having 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. ..... 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 entitled to ..... according to him, he and his father had started a joint business initially in a hut for selling cigarettes are betel leaves etc. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... , is that the 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 assessment year ..... 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 were not our of any unexplained ..... be the principle contended for is 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. ..... filing of the returns suddenly on 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. ..... questions are stated for our opinion 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). ..... manilal dhanji : [1962]44itr876(sc) , which arose under the indian income-tax act, 1922, and where the trustees were entrusted to pay the income to the assessee, and the assessee himself, as a trustee, was required to spend the income for the maintenance, etc. ..... this sub-section provides that in addition to wealth-tax leviable and recoverable in accordance with the provisions contained in sub-section (1), tax could be levied upon and recoverable from the trustee, receiver, etc. ..... the total net wealth as the portion held for public charitable purposes for the assessment years 1961-62 to 1966-67 as he had done for the subsequent three years; the immovable properties in question being encumbered by the trust and not transferable have no market value and, therefore, were not includible in computing the net wealth of the assessee, etc. ..... mosques and for giving aid to such construction ; (f) for acquiring lands for mosques and for burial grounds; (g) for digging wells; (h) for burying unclaimed dead bodies of muslims ; (i) for providing food, clothing, etc. ..... of the trust properties, the remaining income should be divided into four equal parts at the end of every year and one such patt should be utilised for providing food, clothing, etc. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)190CTR(Guj)363; [2004]269ITR508(Guj)
..... 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 ..... 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 ..... 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 ..... 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 ..... learned counsel for the assessee has invited my attention to the provisions of the scheme by which the gold bonds issued in 1980, the notification of 19th october, 1965, provisions of wealth tax act and income tax act in this behalf.5.1 for assailing the order of the tribunal, the learned counsel for the assessee has made following submissions:5.2 the learned counsel has invited my attention to the definition of ..... solely for the benefit of the depositor the deposits constituting its only capital, and the income from interest, etc. ..... xvie), 5(xxiv), 5(xxva), 5(xxvb) etc. ..... have been referred to by the learned advocates, which do not pertain to the sub-clause with which we are concerned but they pertain to meaning of the term 'bond' etc. .....
Tag this Judgment!Court : Kolkata
Reported in : (1994)122CTR(Cal)21,[1994]209ITR343(Cal)
..... it 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.13. ..... (j) the 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. ..... the 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. ..... the 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. ..... similarly, 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. .....
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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