Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)37ITD147(Coch.)
..... letter also shows that the assessee had requested the commissioner of income-tax to direct the wealth-tax officer to issue notices to him under section 17 of the wealth-tax act, for all the assessment years 1974-75 onwards. ..... the latter case it was observed by the ahmedabad bench as follows: - section 69a creates a legal fiction by the deemed phrase 'may be deemed to be the income of the assessee' but such legal fiction is restricted to treating the money, bullion etc. of. ..... that it is not open to the income-tax officer to turn round and say that the impugned gold ornaments constituted the unexplained investment for the assessment year 1983-84 for the purposes of income-tax. ..... appeal by the assessee relates to the assessment year 1983-84, for which the accounting year ended on 31-12-1983 (31-12-1957) (m.e)for business and 31-3-1983 for other sources.2. ..... matter was explained in great detail to the commissioner of income-tax during his personal hearing.after hearing the assessee, the commissioner of income-tax accepted the position that a substantial portion of the gold ornaments representing jewellery etc. ..... of the statement of the assessee's son ratnakara pai, who is also staying with the assessee, the silver ingots were treated as having been declared by ratnakara pai, while the gold and gold ornaments etc.were treated as owned by the assessee. ..... legal fiction does not create any presumption to the effect that the assessee would also be deemed to be the owner of any money, bullion, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD37(Coch.)
..... while dealing with reference under the wealth-tax act had to consider a similar question and it was held that an assessee, who is engaged in the manufacture or production or processing of goods or articles within the explanation to section 45(d) of the wealth-tax act, 1957 could be said to be engaged in the manufacture or processing of goods, though not from a commercial point of view because there was no requirement in the section that the things manufactured should be sent to the market for sale or solely engaged in the ..... supra) and the distinct difference in the language of section 45(d) of the wealth-tax act for the purpose of grant of exemption from the levy of wealth-tax and the language of section 80j for the purpose of granting deduction. ..... , the wealth -tax act, in the explanation to section 5(1)(xxxi), one need not look into the industrial disputes act to find out the definition of 'industrial ..... activities of the assessee included construction work of the largest underground power house in asia, for the chukha hydel project.the assignment consisted of construction of connected tunnelling systems, inclined pressure shafts, butterfly valve chambers etc.through solid rock strata; work at kudremukh of construction of the slurry pipeline tunnel, the down-hill conveyor tunnel, the r.c.c.bridge, civil works for tailings and reclaim water pipeline and the construction of a ..... rounds and for steel, which the assessee-company is not required to do under the original .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1982)1ITD483(Coch.)
..... considered that these two amounts were outstanding for more than 12 months on the respective valuation dates and, therefore, cannot be allowed as a deduction in the computation of the net wealth in view of section 2(m)(iii)(b) of the wealth-tax act, 1957 ("the act"). ..... but this order of the tribunal must be considered to have been given only for the purpose of deciding the claim that was before it, namely, whether the interest under section 220(2) of that act can be allowed as a deduction in the computation of the business income of the assessee in view of the fact that this particular liability did not relate to any assessments made on the assessee here but related to ..... true that the tribunal had held that this cannot be treated as an income-tax liability of the assessee so as to disentitle the assessee for the deduction of the interest paid under section 220(2) of the income-tax act. ..... pointed out that in spite of the granting of instalments, the amounts should be considered to be outstanding on the valuation dates and if the assessee commits a default in any instalment the whole amount would become due immediately as provided in section 220(5) of the income-tax act.9. ..... on the instalments that were allowed to be paid by the assessee in respect of the tax liability of kumaraswamy reddiar for the assessment years 1957-58 to 1963-64, the ito levied interest under section 220(2).for the assessment year 1974-75, the assessee had claimed a deduction of the interest in the computation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)5ITD343(Coch.)
..... years 1971-1972, 1972-73, 1973-74 and 1974-75 are directed against the order of the commissioner (appeals) dated 30-10-1982 sustaining the levy of additional wealth-tax on the value of three items of immovable properties treated by the wto as urban assets for the purpose of the levy under clause (2), para a, part i of the schedule to the wealth-tax act, 1957 ('the act').2. ..... would fall within the definition of the expression 'business premises' in rule 1 of para b of part i of the rate schedule and would be entitled to exemption from the charge of additional wealth-tax on urban assets under para a, clause (2).reliance was placed on the decision of the punjab and haryana high court in the case of cwt v. ..... soil at regular intervals, fill them up with fresh soil mixed with manure, plant the seedlings or saplings in each of the pits, stamp the earth round about the stem of the sprouts and generally do all such things as may be necessary to make the coconut seeds or saplings sprout above the surface. ..... section 3 of the act provides for the levy of wealth-tax ..... the definition of the term 'business' in section 2(13) being inclusive and not exhaustive is indicative of extension and expansion.the word 'business' is one of large and indefinite import and connotes something which occupies time ..... para b of part i of the rate schedule means any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture, as defined in section 2(13) of the 1961 act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD631(Coch.)
..... net maintainable rent is to be computed under rule 4 of schedule iii of the wealth-tax act, 1957 which reads as under :- for the purposes of rule 3, "net maintainable rent" in relation to an immovable property referred to in that rule, shall be the amount of gross maintainable rent as reduced by- (i) the amount of taxes levied by any local authority in respect of the property; and rule 4 permits only exclusion of taxes levied by local authorities and a sum equal to 15 per cent of the gross ..... court has held-'- where composite rent is received by the assessee from the tenants it should be split up and the amount attributable to the building only should be computed under section 9(1) of the indian income-tax act, 1922, while the amount attributable to the amenities provided by the assessee to the tenants should be assessed under section 12 of the act.in the instant case, the assessee received rent separately from the amount for the services rendered. ..... in rule 5(2) "rent received or receivable" shall include all payments by whatever name called, etc.are qualified that it should be for the use of the property. ..... the assessee is that the owners of the building have to provide various facilities like common lighting, operation of lift throughout, electricity, lift maintenance, security, etc. ..... that whatever may be the claim made with regard to charges received for services rendered, such as common lighting, outside light, watch and ward, car park, water facility, lift operations, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2008)110ITD400(Coch.)
..... now, as far as the basic facts are concerned, the original assessments were completed for the assessment years 1989-90, 1990-91 and 1991-92 under section 16(3) of the wealth-tax act vide orders dated 28-2-1991, 30-3-1993 and 30-3-1994 respectively. ..... in our considered opinion, the assessee is protected by the proviso as admittedly the reassessment proceedings are initiated after four years from the end of the respective assessment years and original assessments were also under section 16(3) of the wealth-tax act. ..... the assessee has raised several grounds, but the sole common issue involved in these appeals is against the reopening of the assessments under section 17 of the wealth-tax act.3. ..... with effect from 1-4-1989 reads as under: 17(1) if the assessing officer has reason to believe that the net wealth chargeable to tax in respect of which any person is assessable under this act has escaped assessment for any assessment year (whether by reason of under- assessment or assessment at too low a rate or otherwise), he may, subject to the other provisions of this section and section 17a, serve on such person a notice requiring him to furnish within such period, as may be specified in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)38ITD489(Coch.)
..... similarly, there is no provision in the wealth-tax act, 1957 corresponding to the provisions of section 44 of the income-tax act, 1922 or corresponding to section 199 of the income-tax act, 1961 and as such the ratio decidendi laid down by the hon'ble supreme court should be squarely applied to the facts of this case ..... provisions in the wealth-tax act, 1957 arc sections 17 and 41 in the sphere of reassessment of escaped wealth. ..... section 41 of the wealth-tax act, 1957, which provides for issue of notices on thedisrupted family does not conceive of the extinction of the family ..... the third issue is whether there is any provision in the wealth-tax act, 1957, which will enable the wealth-tax officer to pass a valid assessment order once the assessee- huf has ceased to ..... as it ceased to exist on 1-12-1976; if the assessment is in relation to a valuation date falling before 1 -12-1976 and if the assessment proceedings have already commenced prior to the cut off date, continuation of the assessment proceedings can be had by impleading all erstwhile coparceners of the huf, that is, the tenants-in-common, as parties to the proceedings. ..... it is not in dispute that on 1-12-1976 when the abolition act came into force, the assessment proceedings were pending in respect of the assessment years 1970-71 to 1973-74 as the returns had been filed prior to the cut off date. ..... the filing of the returns, assessment proceedings had commenced and such commencement had occurred prior to the cut off date, viz. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1984)9ITD348(Coch.)
..... under section 5(1)(vi) of the wealth-tax act, 1957 ('the act') exemption is available in respect of the right or interest of the assessee in any policy of insurance before the moneys covered by the policies become due and payable to the ..... [1968] 69 itr 864, 866 that the liability to wealth-tax gets crystallised on the valuation date.the proviso to clause (vi) of sub-section (1) of section 5 is for the purpose of computation of net wealth and not for creating a charge. ..... regarding the manner in which the proviso was implemented by the wto and the other was that the annuity in respect of an annuity policy taken from the lic cannot be commuted and, therefore, under section 2(e)(2)(ii) of the act, it cannot be subjected to wealth-tax. ..... if these two decisions are considered together, it would follow that though the liability to wealth-tax or income-tax might be considered to have accrued on the last day of the previous year or the valuation date, as the case may be, that liability itself is to be determined according to the law as on the first day of the assessment year, that is, ..... on a careful consideration of the submissions, we are of the opinion that the assessment to wealth-tax is to be governed by the law as it stands on the first day of the assessment ..... is pointed out that if the interpretation advanced by the assessee and accepted by the commissioner (appeals) were to be accepted, there could not have been any assessment at all to wealth-tax for the assessment year 1957-58. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)45ITD520(Coch.)
..... further it is contended that the communication dated 14-3-1988 by the valuation cell under section 16a(5) of the wealth-tax act is at any rate binding on the assessing officer. ..... (3) where the valuation officer is of opinion that the value of the asset has been correctly declared in the return made by the assessee under section 14 or section 15, he shall pass an order in writing to that effect and send a copy of his order to the wealth-tax officer and to the assessee. ..... in the notice under sub-section (4), or as soon thereafter as may be, after hearing such evidence as the assessee may produce and after considering such evidence as the valuation officer may require on any specified points and after taking into account all relevant material which he has gathered, the valuation officer shall, by order in writing, estimate the value of the asset and send a copy of his order to the wealth-tax officer and to the assessee ..... when the question of valuation of the property is referred to the valuation officer under section 16a(1) of the wt act, insofar as the subject-matter of valuation is concerned, the powers of the assessing officer stand, so to speak, delegated to the valuation officer. ..... the revenue vehemently contends that under section 16a(6) of the wt act, the assessing officer is bound by the value as determined by the valuation officer and as he had received the intimation from the valuation cell about the total of the value determined, the assessing officer need not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1982)1ITD115(Coch.)
..... as agreed to between the parties had not been truly stated in the instrument of transfer with the object of (a) facilitating the reducation or evasion of liability of the transferor to pay tax under this act in respect of any income arising from the transfer or (b) facilitating the concealment of income or any moneys or other assets which had not been or which ought to be disclosed by the transferee for the purpose of income-tax act, 1961, or the wealth-tax act, 1957, proceedings under section 269d was initiated." 4. ..... ) should have, independently of the presumptions under section 269c, reason to believe that the sale consideration was understated in the document with a view on the part of the transferor to avoid the capital in the document with a view on the part of the transferor to avoid the capital gains tax and on the part of the transferees to avoid tax liability under the income-tax act and the wealth-tax act. ..... clause (a) relates to the reduction or evasion of the liability to pat tax under the act in respect of any income arising from the transfer, while clause (b) deals with the possibility of evasion both under the income-tax act and under the wealth-tax act on the part of the transferee. ..... the notice under section 269d of the income-tax act, 1961 ("the act") was issued on 16-8-1978. .....
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