Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)25ITD83(JP.)
..... of the closing stock to be found as a fact and whether any value has been fixed by the aac of wealth-tax, if not whether the issue regarding actual market value of the closing stock should be restored to the file of the aac for fresh determination order under section 24(11) of the wealth-tax act, 1957 read with section 255(4) of the income-tax act, 1961 1. ..... the appeals are partly allowed though for statistical purposes.reference to a third member under section 24(11) of the wealth-tax act, 1957 as the members of the bench differ in opinion on the point: whether the g.p ..... 38.88 per cent and 37 per cent for the assessment years 1973-74 and 1974-75 is not real, by leading positive evidence particularly when he is in possession of evidence like vouchers, books of account, inventory of closing stock, etc. ..... and the aac has made some general observations in the case of dhanwar singh, that realisation of higher profits would be the result of export sales tourists, matching, designing, repeated assortment, chemical treatment, etc. ..... , etc. ..... would arise whether after doing reassortment, recutting, etc. ..... stocks are being brought forward from year after year which required reassortment, recuttjing, etc. ..... been stated as to what was the stock which was brought forward from earlier years and again carried forward at the end of' the year to which reassortment, fresh cutting, etc. ..... before the aac is that the stock-in-trade has to be carried over and held for a long period entailing reassortment, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1984)10ITD558(JP.)
..... rari, garden and entire compound which is within one compound wall which has been approved by the government of india and notified in the gazette as official residence of ex-ruler is exempt from purview of wealth-tax under section 5(1)(iv) of the wealth-tax act, 1957, therefore, the entire 2507 bighas as mentioned by your goodself is within the compound wall of umed bhavan and comprises official residence and is also ..... ras/v/k-126/3344, dated 5-3-1976, had forwarded to the commissioner an audit note on the review of the assessments of the agricultural land for the wealth-tax, gift-tax, etc.the relevant extract pertaining to income-tax ward, kota, of the said audit note at page 3 of the paper book filed by the revenue reads as under :-------------------------------------------------------si.particulars of ..... bighas. there is a difference of 2 bighas due to rounding off of figures.thus, in my opinion, there is no difference of ..... assessment of agricultural lands for wealth-tax, gift-tax, ..... additional chief secretary stated, inter alia, that "having regard to the definition of the words 'estate' and 'land' as given in the rajasthan land reforms and acquisition of land owners estate act, 'umed bhavan' including gaidens, rari, building, etc ..... extracted as below : i am directed to say that having regard to the definition of words 'estate' and 'land' as given in the rajasthan land reforms and acquisition of land owners estate act, 1963, 'umed bhavan' including gardens, rari, building, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)25ITD105(JP.)
..... with the general principle of jurisprudence and the provisions of section 255(4) of the income-tax act which would apply to this case, because of section 24(11) of the wealth-tax act, the view of the majority in case of difference of opinion should prevail, i therefore, respectfully concur with all the ultimate conclusion arrived at by my learned brethren.order under section 24(11) op the wealth-tax act, 1957 read with section 255(4) of the income-tax act as there has been a difference of opinion, we refer ..... not agree upon this issue, they framed the point of difference of opinion, referred it, to the president for reference to the third member for his opinion as provided for in section 24(11) of the wt act, 1957 read with section 255(4) of the it act, 1961 : i wish, the question had been a little more elaborate but any way the point for consideration is whether the order of the tribunal gives rise to a question ..... brethren have observed that the wto should have called upon the assessees to produce before him particular material and details relating to the value of the closing stock, but the wealth-tax officer himself did not know as to what facts should be ascertained for establishing the margin and, therefore, had not put any specific enquiries or asked the assessees to ..... , studded with precious stones, silver articles, etc.this firm was also engaged in export of ..... have to be sold at a throw away price if the assessee has to necessarily dispose it off on the relevant accounting date. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)25ITD402(JP.)
..... come to the conclusion that market value of the closing stock of the assessee exceeds the value as adopted by the assessee by more than 20 per cent within the meaning of rule 2b(2) of the wealth-tax rules, 1957 and to invoke the provisions of rule 2b(2) of the wt rules, 1957 order under section 24(11) op the wealth-tax act, 1957 read with section 255(4) of the income-tax act, 1961 1. ..... of the wt rules, could it be concluded that the market value of the closing stock was more by 20 per cent than the book value so as to treat that value as the market value for the purpose of wealth-tax.the learned accountant member has framed as many as four questions as his points of view, whereas the learned judicial member has framed only one question as his point of view. ..... in accordance with the provisions of rule 2b(2) of the wealth-tax rules, 1957 the wto, therefore issued a show-cause notice to the assessee as to why the interest in the firm should not ..... 4,87,000 in round figures and the market, value of the closing stock of bombay branch which ..... to the assessee to prove that the prima facie difference of 37 per cent is not real by leading positive evidence particularly when he is in possession of evidence like vouchers, books of account, inventory of closing stock, etc. ..... to the assessee to prove that the prima facie difference of 37 per cent is not real by leading positive evidence particularly when he is in possession of evidence like vouchers, books of account, inventory of closing stock, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1989)28ITD69(JP.)
..... years 1972-73 to 1984-85, and has raised one common issue which is as follows: in the facts and circumstances of the case the learned commissioner of wealth-tax, jodhpur has erred in setting aside the assessment order passed by the wealth-tax officer, jodhpur, exempting the appellant-trust under section 5(1)(z) of the wealth-tax act, 1957.7. ..... , assessment of huf, assessments of residents outside india, filing of appeals to itat, recovery of taxes, take evidence on oath and the power of search and seizure.section 8aa (effective from 1-10-75), empowers the commissioner to issue a general or special order in writing directing that: (a) all or any of the powers or functions conferred on the wto in regard to certain cases/persons/areas, etc. ..... the explanation provides that the instruction issued as to the lines on which enquiry should be conducted shall not be deemed to be prejudicial to the assessee.section 8b only provides the power of transfer of cases from one wto to another.section 11aa only explains the jurisdiction of the commissioner in relation to areas/persons/cases, etc., i.e. ..... a trust whether is a charitable one or not, it could be so arrived at only after examining the objects of the trust, the functioning of the trust, the investment of the trust funds, etc. ..... shri gaj singh has been provided rent-free accommodation and amenity like free water, electricity and servants, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1986)15ITD96a(JP.)
..... while making the assessments under the wealth-tax act, 1957 ('the act') the wto found that the firm rawat jewellers was dealing in precious ..... case relating to the wealth-tax and dealt with the question of valuation he particularly pointed out the observations of the hon'ble high court.those observations are as under: a review of the aforesaid decisions makes it clear that the law is now well settled that when the wto proceeds to assess the value of the assets of the assessee, by adopting the global method of valuation under section 7(2)(a) of the act, then the valuation ..... gross profit is earned over a full period of 365 days or so, the wealth-tax act takes into account only the valuation date, i.e. ..... 2b(2) reads as under: (2) notwithstanding anything contained in sub-rule (1) where the market value of an asset exceeds its written down value or its book value or the value adopted for purposes of assessment under the income-tax act, 1961, as the case may be, by more than 20 per cent, the value of that asset shall, for the purposes of rule 2a, be taken to be its market value.the assessee wrote to the wto that ..... and learned brethren have taken a contrary view, in accordance with the general principle of jurisprudence and the provisions of section 255(4) of the 1961 act which would apply to this case, because of section 24(11) of the 1957 act, the view of the majority in case of difference of opinion should prevail. ..... ultimate profit depended on the establishment, payment of interest, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1986)16ITD107(JP.)
..... was correct and the present appeal ought to be dismissed.order under section 24(11) of the wealth-tax act, 1957, read with sub-section (4) of section 255 of the income-tax act, 1961 as there has been difference of opinion between us, the following point is referred to the third member for his opinion under sub-section (11) of section 24 of the 1957 act, read with sub-section (4) of section 255 of the income-tax act, 1961 : whether the reopening of the wealth-tax assessment completed on 25-3-1976 by the wealth-tax officer was in accordance with law 1. ..... the assessee and the only grievance of the assessee is against the invoking of action under section 17(1)(a) of the wealth-tax act, 1957 ('the act')-the facts are that the original assessment was completed on 25-3-1976 at a net wealth of rs. ..... between the learned members of the jaipur bench in the above case was referred to me by the president as a third member for my opinion under section 255(4) : whether the reopening of the wealth-tax assessment completed on 25-3-1976 by the wealth-tax officer was in accordance with law 2. ..... no hesitation in holding that apart from the other reasons given for rejecting this contention, the scheme of section 16a in its entirety providing for appeals and finality is binding on the wto and the provisions for giving of notice to the assessee before making the valuation and further provisions of giving the powers of the cpc the valuation officer for entry, inspection and calling of the record, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)25ITD367(JP.)
..... to come to the conclusion that market value of the closing stock of the firm exceeds the cost price as adopted by the firm by more than 20 per cent and whether merely on that basis, can rule 2b(2) of the wealth-tax rules, 1957 be invoked the same is referred for hearing by a third member in view of section 24(11) of the wealth-tax act, 1957, read with section 255, sub-sections (4), (5) of the income-tax act, 1961.order 24(11) of the wealth-tax act, 1957 read with section 255(4) of the income-tax act, 1961 1. ..... this bench as well as other benches have consistently taken the view in several cases that the firm carrying on this type of business is an industrial undertaking within the meaning of explanation to clause (xxxi) of section 5(1) of the wealth-tax act, 1957. ..... ground is that the aac erred in not allowing an opportunity to the valuation officer as required by section 23(3a)(a) of the act, 1957 and in reducing the value of the immovable property as made by the valuation officer by rs. ..... first contention of the revenue is that the aac erred in holding that the wto was not justified in invoking the provisions of rule 2b(2) of the wealth-tax rules, 1957 (for short 'the rule 1957') for determining the value of the assessee's interest in the firm m/s.sardarmal umraomal. ..... the second common objection is that in view of section 7(4) of the wt act, 1957, the aac should have taken the same value of the self-occupied property for the years under appeal as taken for the assessment year 1971 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1985)14ITD445(JP.)
..... bench of the tribunal was : whether, on the facts and in the circumstances of the case, the assessee was prevented by reasonable cause in not filing the returns of net wealth for the assessment years 1958-59 to 1961-62 within the time allowed under section 14(1) of the wealth-tax act, 1957 or not originally the question framed used the words 'sufficient cause' but later on the members of the jaipur bench substituted the word 'reasonable' for the word ..... the assessee's failure to file his returns of net wealth for the above assessment years, within the time allowed under section 14(1) of the wealth-tax act, 1957 ('the act') the wto initiated proceedings under section 18(1 )(a) of the act and called upon the assessee to show cause why penalties should not be imposed under that section. ..... the first contention of the assessee for consideration, it is the case of the learned counsel that the assessee was bona fide under the belief that no part of the wealth which has been assessed on him belonged to him individually and that the jagir compensation, the residential house, etc. ..... as also from the quantum appeals in this case, which we have heard and disposed of separately, that the assessee has all along taken up the stand that the jagir compensation bonds, the residential house, etc. ..... as also from the quantum appeals in this case, which we have heard and disposed of separately, that the assessee has all along taken up the stand that the jagir compensation bonds, the residential house, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1988)25ITD37(JP.)
..... the plea further was that the order of the tribunal passed under the wealth-tax act in the case of the assessee contained certain factual errors. ..... as regards the nature of the agricultural land in question, the plea of the assessee was that there was no dispute under the wealth-tax that its nature was that of agriculture and this evident from the order of the tribunal wherein exemption had been allowed. ..... the learned senior departmental representative mr.dave referred to the order of the tribunal in the case of the assessee passed under the wealth-tax dated 12-5-1982 and submitted that the issue regarding when the agricultural land of about 9 bighas was sold to the housing co-operative society was considered and it was decided that the sale did take ..... one of the arguments that was advanced by the assessee was that he invested the sale proceeds in 1975 to claim exemption under section 54b so that no capital gains is attracted and did not do so soon after the substantial amount of sale consideration was received only for the reason that in case the sale has to be cancelled consequent to the purchaser's ..... are, no doubt, valid submissions but are not supported with any evidence in the shape of purchaser claiming the refund of the amount paid or the assessee making a counter claim for compensation or for payment immediately, etc. .....
Tag this Judgment!