Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... the legislative intent had been to accord total discretion to the wealth-tax officer to make a reference to the valuation officer or not in cases which were covered by clauses (a) and (b) of sub-section (1) of section 16a of the wealth-tax act, 1957, that is, where the difference between the value of assets returned and the fair market value of assets as estimated by the wealth-tax officer is more than the limit prescribed under rule 3b of the wealth-tax rules, 1957, then where was no necessity of providing the guidelines ..... the circumstances, as the compromise agreement uses a twin set of expressions like (a) purchase and acquire; (b) sale and dispose off; and (c) price and compensation, it must be held that the acquisition proceedings have not been superseded by the said ..... exemption under section 47(ix), any item has to be a work of art, archaeological, scientific or art collection etc ..... export is again subject to existing laws, which include the antiquities act and any act relating to foreign exchange regulations, etc ..... taxes and expenses, ..... section 16a may be contrasted with that of for example section 18(1) wherein different functionaries have been empowered to levy a penalty for failure to furnish a return, to comply with notices and for concealment, ..... restrictions such as, sale within india, objections of the beneficiaries, dispute as to title by the government, threat of acquisition by the government and lack of possession inasmuch as it was under attachment and in the custody of the government, etc .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)49ITD275(Hyd.)
..... similar amendments have been carried out to section 25 of the wealth-tax act, 1957 and section 24 of the gift-tax act, 1958. ..... appellate order are left untouched and to that extent, the income-tax officer's assessment order survives permitting exercise of revisional jurisdiction by the commissioner under section 263 of the act.the opposite view was that the entire order passed by the assessing officer merged in the first appellate order and no part of it can be subjected to revision under section 263(1) of the income-tax act and 25(2) of the wealth-tax act irrespective of the points urged by the party or decided by the appellate ..... i, therefore, propose to revise the assessments by invoking the provisions of section 25(2) of the wealth-tax act.therefore, in view of the above notice, there is no scope to doubt as to whether the original assessment orders dated 22-8-1984 and 30-3-1985 or the fresh assessment orders dated 31-3-1989 which were taken up for revision. ..... assessment order, it is the original assessment order which is amenable to revisional jurisdiction, but not the assessment order in which the appellate order partially merged (31-3-1989) is in utter disregard of the clear and unambiguous provisions of explanation (c) to section 25(2) of the wealth-tax act and hence such an argument cannot be countenanced or upheld. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD21(Hyd.)
..... 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. ..... to be brought under tax net under the wealth-tax act and also due to enhancement of basic exemption limit, there would be very few cases where the tax effect in wealth-tax appeals would exceed rs ..... the cbdt never intended to enhance the monetary limits with regard to the appeals to be filed under wealth-tax act since the tax rates under wealth-tax act were drastically reduced from 3 to 1% during the above period and many assets were taken out of tax net. ..... learned dr submitted that in respect of appeals filed under the wealth-tax act different monetary limits are prescribed by the cbdt and thus the appeals were filed in consonance ..... have, under peculiar circumstances, thought fit not be enhance the monetary limit in respect of the departmental appeals filed under the wealth-tax act.as directed by the bench, the d/r filed a copy of instruction no. ..... the case of 263 itr 706 in the case of azadi bacha andolan to submit that it is the duty of the ito to follow the instructions issued by the cbdt under section 119 of the act and the departmental authorities should not choose to ignore the guidelines and spend their time, talent and energy on inconsequential matters. ..... wealth-tax, gift-tax, estate duty etc .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... examining the retrospective or otherwise nature of amendment of section 40 of finance act, 1983 by finance act, 1988, for purposes of wealth tax act, the hon'ble madras high court held- the test to be applied for deciding as to whether a later amendment should be given retrospective effect, despite a legislative declaration specifying a prospective date as the date from which ..... , wherein interpreting retrospective amendment made to section 15 of the karnataka agricultural income-tax act, 1957, brought about subsequent to the decision of that court in ashok plantation ..... 6753/05 vide orders dated 04.04,2005 directed to dispose off the appeal within three weeks and the said order was submitted to this honourable tribunal on 08.04,.2005 and this honourable tribunal posted the matter to 13.04.22005 for ..... violations of the provisions of section 10(22) and section 13, as noted by the cit, in a nut shell in para -6 of the impugned order at pages .4 and 5 thereof, are as follows- (i) income and funds of the trust(scec) were diverted, used and applied for personal expenses ranging from petty items like cinema tickets, train tickets, cold drinks, rice consumption in house etc. ..... the decisions relied on by the learned counsel for the assessee are the following- (4) aditanar educational institution etc. v. ..... of the commissioner that the assessee is not pursuing the objects for which it was established, and that it is running only coaching centers for courses like eamcet, iit-jee entrance, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD109(Hyd.)
..... therefore, it is clear that the notice under section 17 of the wealth-tax act, 1957 was issued under an erroneous impression.on a reading of this letter, it is clear that the dispute was raised ..... taking into consideration the aforesaid, we are of the opinion that the wealth-tax officer was not justified in invoking the provisions of section 21(4) of the wt act by treating the trust to be non-specific wherein the shares of the beneficiaries were not identifiable or were indeterminate on the alleged dispute raised by the daughter of ..... is made in the present case on the trustees either for the life interest of the prince or the remainderman's interest of his son prince shahmat ali khan.sub-section(2) of section 21 makes it clear that sub-section (1) of section 21 shall not prevent either the direct assessment of the beneficiaries for whose benefit the trust properties are held or the recovery of the wealth-tax in respect of the interest in the trust property which is assessed in his hands. ..... this has reference to the above appeals filed by the trustees wherein it is submitted that the provisions of section 21(4) of the wt act, 1957, are not applicable to the facts of this trust as the beneficiaries are known and determinate on each of ..... corpus in addition to the amount mentioned in sub-clauses (c), (d) and (e) of clause 2 of the main trust deed; (ii) the payment can be made at any place in india; (iii) the payments are to be made free of indian taxes; and (iv) to sell, transfer etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD495(Hyd.)
..... dispute is against assessments made under section 21(1) of the wealth-tax act, 1957, bringing to tax the entire value of the assets ..... section 21(1) of the life beneficiaries has, however, to be excluded from the value of the corpus directly assessed in the hands of the remaindermen beneficiaries under section 21(2) of the wealth-tax act ..... not satisfied that the interest of sahebzadi in the 'jewellery fund' is an asset within the meaning of section 2(e) of the wealth-tax act. ..... 1957, the wealth-tax act ..... if the preceding life interest had come to an end on that date and if, on that hypothesis, it is possible to determine who precisely would be the beneficiaries and on what determinate shares, sub-section (1) of section 21 must apply and it would be a matter of no consequence that the number of beneficiaries may vary in the future either by reason of some beneficiaries ceasing to exist or some new beneficiaries coming into being ..... greater than the aggregate liability of the beneficiaries, no part of the corpus of the trust property can be assessed in the hands of the trustee under section 3 and any such assessment would be contrary to the plain mandatory provisions of section 21.the proposition is further clear from the following extract from the head notes : in most cases, if not all, the aggregate of the values of the ..... wealth assessed in all the years represented the value of the jewellery fund including sale proceeds of jewellery sold and reinvested in national rural development bonds etc .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)34ITD112(Hyd.)
..... was the following: "whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that since the settlement was not the result of the application of any provision of the income-tax act, 1961, and the wealth-tax act, 1957,itwas not income-tax and wealth-tax liability within the meaning of section 2(m)(iii) of the wealth-tax act, 1957,andthattheliabilitypertainingto the assessment years 1967-68 to 1969-70 determined at rs. ..... 1,26,700 roundly from the gross average profit worked out for each of the five assessment years under consideration. ..... for the sake of ready reference we feel that it will be useful to furnish the particulars of figures of wealth returned, wealth returned as per revised return, value admitted by the assessee, value determined by the departmental valuer and the difference between these two values, etc.as under;-asst. ..... (iii) requires that the tax liability must be one which is 'payable in consequence of any order passed' under any law relating to taxation on income or profits, etc. ..... it arises only when a hypothetical method is adopted based on total number of seats etc. ..... officer in his report dated 15-12-1982 at para 5 justifying the reason as to why nothing was conceded under this head states that when actual profit is taken into account the question of allowance for proprietor's risk, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD87(Hyd.)
..... the petitioner made applications under section 35 of the wealth-tax act to the wealth-tax officer on the ground that it was an error apparent on the face of the records.applications were rejected and they were confirmed by the commissioner.the petitioner filed writ petition in the high court to quash the ..... cwt [1966] 59 itr 767 by the supreme court it has to be held that provision for taxation was a debt owed within the meaning of section 2(m) of the act and, therefore, it was deductible in computing the net wealth of the assessee and, therefore, there was clearly an error of law apparent on the face of the records for the assessment years in question. ..... the first modificatory order dated 10-9-1990 is one passed under section 250 of the income-tax act, in order to give effect to the order of the commissioner (appeals). ..... the deputy commissioner later found that mistakes had crept into his modificatory order dated 10-9-1990 and, therefore, he modified it further by another order passed under section 154 of the income-tax act on 19-3-1991 forming the basis of the present appeal. ..... ), for assessment years 1957-58, 1958-59 and 1959-60, the petitioner-company claimed certain amount in each year as deduction in respect of provision for taxation but the claim was disallowed on the ground that the amount provided towards tax liability did not constitute debt owed from the petitioner on the relevant valuation date within the meaning of section 2(m) of the w.t. ..... act, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)52ITD316(Hyd.)
..... 1957, the wealth-tax act ..... court under section 34 of the indian trusts act for directions particularly on the aspect as to how best the arrear wealth-tax demands should ..... assessing officer very correctly assessed the entire capital gain that arose on the sale of the jewellery specified in the first schedule of the trust deed in the hands of the trust, obviously under section 164 as seen from the assessment order, the relevant portion of which is as follows : in the absence of any specific decision from the competent court the shares of beneficiaries in respect of ..... to the above discussion, our answer to the third question is that the capital gains realised on the sale of the jewellery is exigible to tax and that assessment should be made under section 164 of the it act.the difference between the present case and the case mentioned supra is the jewellery was sold in the present case under court orders whereas the ..... the first appellate authority that on 23-3-1985 the chief judge, city civil court, hyderabad made an order under section 34 of the trust act to the effect that fatima fouzia shall be paid i/5th share in the interest account derived from the deposits under ..... the hands of fatima fouzia the balance interest income relating to fatima fouzia jewellery fund shall be assessed in the hands of the trustees under section 164(1) for assessment year 1985-86.accordingly we hereby set aside the order of the first appellate authority and modify the assessment order by including interest .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)6ITD362(Hyd.)
..... during the time of the wealth-tax assessment for 1976-77 the assessee raised the plea that the provisions of section 16(3)(a)(ii) of the indian income-tax act, 1922, corresponding to section 4(1)(a) of the wealth-tax act, 1957, applies only where relationship of husband and wife subsists not only at the time of accrual of income from the assets transferred but also when transfer of assets took place. ..... in this case we are concerned with the date of transfer of the asset under section 64(1)(iv) and also about the ownership of the asset under section 3 of the wealth-tax act. ..... is it on the date of execution of the sale deed which was subsequently registered or is it when the deed was presented for registration or is copied in the registration book, is a vital question from the standpoint of the income-tax act and the wealth-tax-act because the date of transmission of title from the vendor to the vendee is extremely relevant for determining who is liable to bear the tax burden. ..... .even for purposes of the wealth-tax act their lordships felt that the date on which the transaction is effected would be extremely relevant even under the provisions of the wealth-tax act. ..... however, the sub-registrar of khairatabad under date 2-8-1976 drafted proceedings giving time to the assessee to produce income-tax clearance certificate under section 230a of the income-tax act, 1961 ('the act') in respect of the property covered by the gift deed, dated 5-11-1975, on or before 15-8-1976. .....
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