Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 44d rounding off of tax etc Court: karnataka Page 1 of about 2 results (0.027 seconds)

Commissioner of Income-tax Vs. D. Meenakshi

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. .....

The Commissioner of Income Tax Vs. Smt Meenakshi Devi Avaru

Court : Karnataka

..... ) respondent this wealth tax appeal is filed under section 27-a of the wealth tax act 1957, praying to decide the foregoing question of law and/or such other questions of law as may be formulated by the hon ble court as deemed fit; to set aside the appellate order dated 31/07/2014 passed by the income tax appellate tribunal, a bench, bangalore as sought for, in the respondent-assessee s case, in appeal proceedings no.wta no.7/bang/2013 for assessment year 2000-01 & etc. ..... of the controversy in hand in the four corners of the aforesaid substantial questions of law center round the three basic aspects of the matter. ..... they are:- (a) the meaning of the words belonging to as employed in the definition of net wealth defined in section 2(m) of the wealth tax act, 1957 read with the charging provisions of section 3 of the act; (b) the scope of taxability of urban land as defined in section 2(ea)(v) with its explanation and exclusion clause in the said explanation; and (c) what is the scope and purport of protective assessments made in the hands of the respondent assessees and whether the character of ..... is answered in favour of the revenue and against the respondent assessees and we hold that the income tax appellate tribunal (itat) was not justified in law in holding that 28 acres of land located within the corporation limits of the bangalore city does not fall within the definition of assets in section 2 (ea)(b) of the wealth-tax act, 1957 and no wealth tax on these lands is chargeable .....

Paramanand L. Bajaj Vs. Commr. of Wealth Tax

Court : Karnataka

Reported in : ILR1985KAR1532

..... the question that has been referred for the opinion of this court is :"whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the wealth-tax officer had jurisdiction to invoke section 35 of the wealth-tax act, 1957 ?"2. ..... not including the proportionate share of the assessee in computing the net wealth was a patent error which could certainly be rectified under section 35 of the wealth-tax act.in the result, we answer the question in the affirmative and against the assessee. ..... the wealth-tax officer invoked section 35 of the wealth-tax act and rectified that mistake.the appeal preferred against the said order was dismissed by the appellate assistant commissioner and so too the further appeal preferred to the appellate tribunal.3. ..... under section 4(1)(b) of the wealth-tax act, where the assesses is a partner in a firm, the value of his interest in the firm shall be included in his net wealth. ..... 34 of 1978 dated 16th july 1984 in the assessment under the wealth tax act pertaining to the assessee, that 1/3rd share of the bad debt was not included. ..... of an asset not disclosed in the balance sheet shall be taken to be in the case of a debt due to the assessee, the amount due to the assessee, and if any debt has been allowed as a deduction under clause (vii) of sub-section (l) of section 36 of the income tax act, 1961, the amount, of debt as reduced by the deduction is required to be allowed in computing the net wealth of the assessee. .....

C.R. Venkatesha Rao Vs. Central Board of Direct Taxes

Court : Karnataka

Reported in : [1975]99ITR94(KAR); [1975]99ITR94(Karn); 1975(1)KarLJ120

..... section 34ab of the wealth-tax act provides for ..... his application for registration as a registered valuer under the wealth-tax act was rejected by the central board of direct taxes on the ground that he did not possess the requisite ..... direct taxes was, therefore, in error in holding that the petitioner did not possess the required qualification for being registered as a valuer under the wealth-tax act. ..... to consider the case of the petitioner for registration as a registered valuer for the purpose of the wealth-tax act. 6. ..... as can be seen from the qualifications which are treated as equivalent to the degree in civil engineering by the union public service commission, a person who has either passed sections a and b of the associate membership examination of the institution of engineers or possesses a qualification exempting a person from passing a and b of the associate membership of the institution of engineers has to be treated as a person possessing a qualification equivalent ..... established that he has one of the qualifications prescribed by rule 8a of the wealth-tax rules which enables him to get himself registered as a registered valuer. ..... the relevant part of rule 8a of the wealth-tax rules by which the qualifications of registered valuers are prescribed ..... section (2) of section 34ab states that any person who possesses the qualification prescribed in this behalf may apply to the central board of direct taxes in the prescribed form for being registered as a valuer under that section .....

C.N. Nagakumar Vs. Commissioner of Wealth-tax

Court : Karnataka

Reported in : [1992]195ITR844(KAR); [1992]195ITR844(Karn)

..... question referred under the provisions of the wealth-tax act, 1957, reads thus : 'whether, on the facts and in the circumstances of the case, the tribunal is justified in upholding the assessment made by the wealth-tax officer on account of compensation receivable under the provisions of the karnataka land reforms act, treating the same as an asset within the meaning of section 2(e) of the wealth-tax act, 1957 ?' 2. ..... section 2(e) referred to herein is the provision in the wealth-tax act ..... and, after giving the deduction, its value was determined for the purpose of the wealth-tax act (for the assessment years 1976-77 to 1978-79), in the light of a circular issued by the central board of direct taxes dated may 15, 1964. ..... : [1973]90itr97(sc) , the supreme court had already held that the right to receive compensation under the bihar land reforms act was an asset to be valued for purpose of the wealth-tax act. ..... would not detract from the proposition that the right to receive compensation, even though the date of payment is deferred, is property and constitutes asset for the purpose of the wealth-tax act.' 8. ..... contends that, since compensation is not an 'asset' at all falling within the taxable subject under the wealth-tax act. 3. ..... compensation (referred to as the 'amount') under the karnataka land reforms act is not so vague, indeterminate, contingent, etc. ..... the tahsildar determines the amount payable to the owner, including the question of apportionment; at that time, encumbrances, etc. .....

Hajee Abdul Sattar Sait Vs. Commissioner of Wealth-tax

Court : Karnataka

Reported in : [1990]186ITR134(KAR); [1990]186ITR134(Karn); 1990(2)KarLJ113

..... opinion reads : 'whether, on the facts and in the circumstances of the case and on a true construction of sections 7(1) and 2(m) of the wealth-tax act, 1957, the tribunal was right in holding that, in valuing the assessee's properties under section 7(1) and computing his net wealth under section 2(m) for the assessment year 1963-64, the assessee was not entitled to deduction of liability for capital gains tax which was a statutory liability of the assessee if the assessee's properties were sold or deemed to have been ..... all these eight references have been made under section 27 of the wealth-tax act, 1957, by the income-tax appellate tribunal, bangalore bench, on the application made by the assessee to the tribunal. 2 ..... the wealth-tax officer reopening the assessment, considered that the value of the immovable properties should be ascertained as on the date of valuation for the relevant assessment year in accordance with section 7(1) of the wealth-tax act, 1957, and should be taken into account in computing the total wealth of the assessee as on the valuation date ..... learned counsel for the assessee contended that when section 7(1) of the act requires that for the purpose of the act, the value of an asset should be estimated on the basis of the price which, in the opinion of the wealth-tax officer, the asset would fetch if sold in the open market on the valuation date, it means that only the price which the asset would fetch should be taken into consideration but also the liability .....

Commissioner of Wealth-tax Vs. G.E. Narayana and Others

Court : Karnataka

Reported in : [1992]193ITR41(KAR); [1992]193ITR41(Karn)

..... following question is required to be answered under the provision of the wealth-tax act, 1957 ('the act' for short) : 'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in coming to the conclusion that there is no provision in the wealth-tax act to make an assessment on the erstwhile hindu undivided family in case where the karta of the said erstwhile hindu undivided family has filed the return of wealth of the hindu undivided family and thereafter died before ..... thus, this language is substantially similar in its structure to section 4 of this income-tax act whereunder income-tax shall be charged in respect of the total income of the previous year of every person. ..... the question was whether section 171(1) of the income-tax act could be applied to make as order of assessment assessing the erstwhile hindu undivided family. ..... cit : [1959]35itr416(sc) , the supreme court pointed out that, but for section 25a of the indian income-tax act, 1922, a hindu undivided family which ceased to exist could not have been taxed at all. ..... counsel for the revenue, contended that the hindu undivided family is a 'person' and when it is said that the hindu undivided family ceased to exist, it is the same as the death of a person, the subject which is covered by section 19 of the act and, therefore, the surviving member of the hindu undivided family could be assessed as the legal representative representing the erstwhile hindu undivided family. .....

Commissioner of Wealth Tax Vs. Srikantadatta Narasimharaja Wadiyar

Court : Karnataka

Reported in : (2005)196CTR(Kar)585; [2005]279ITR226(KAR); [2005]279ITR226(Karn)

..... : [1976]103itr536(sc) , wherein the court has observed, that, under section 3 of the wt act, 1957, read with section 2(m) of the act, liability to wealth-tax arises out of ownership of the asset and not otherwise. ..... by the state of karnataka.section 2 of the ceiling act defines the meaning of the expressions, apart from others, 'ceiling limit, competent authority, person, to hold, urban agglomeration, urban land, vacant land, ceiling limit', etc.section 3 of the ceiling act is the charging provision and it provides that the persons shall not be entitled to hold any vacant land in excess of the ceiling limit in the territories to which the act applies, except as otherwise provided in the act itself from the ..... date of commencement of the act.the 'person' is defined under section 2(i) of the ceiling act to include an individual, a family, a firm, a company or an association or body of individuals whether ..... before we conclude, we once again emphasise that if sale of the land or the property is subject to restrictions under certain central or state legislations such as the urban land ceiling act, karnataka land reforms act, etc. .....

Commissioner of Wealth Tax Vs. Chikmagalur Club

Court : Karnataka

Reported in : ILR2005KAR4673; [2007]290ITR522(KAR); [2007]290ITR522(Karn)

..... , on the sole ground that in the quantum appeals filed by the assessee for the same assessment years, the tribunal has held that the provisions of section 21aa of the act would not apply to a mutual club like the assessee and therefore, the assessment orders are not sustainable as the assessee is not an entity susceptible for wealth-tax under the act, and therefore, no penalty for belated filing of the returns can be imposed on such assessee. ..... proceedings under this act, is satisfied that any person--(a) has without reasonable cause failed to furnish the return of his net wealth which is required to furnish under sub-section (1) or sub-section (2) of section 14 or section 17 or has without reasonable cause failed to furnish it within the time allowed and in the manner required or(b) xxxxx(c) xxxxxhe or it may, by order in writing, direct that, such person shall pay by way of penalty--(i) in the case referred to clause (a), in addition to the amount of wealth-tax payable by him, a sum ..... 1/1998 and 2/1998 are as under :the assesses-club had not filed the return of wealth under the provisions of wt act, 1957, within the time provided for filing of such return. ..... etc. ..... ellis bridge gymkhana, etc. ..... the bangalore bench of the tribunal had also held similarly in the appellant's own case as well as in the case of other clubs, etc. w.e.f. .....

T. Govindappa Setty Vs. Income-tax Officer and Another

Court : Karnataka

Reported in : ILR1997KAR2854; [1998]231ITR892(KAR); [1998]231ITR892(Karn)

..... narayana : [1992]193itr41(kar) , wherein this court has taken the view while considering the provisions of the wealth-tax act that without the presence of the assessee, it is not possible to make an order of assessment unless the law provides a machinery to assess the erstwhile hindu undivided family, by enabling the assessment proceedings to be ..... the petitioner in these petitions has prayed for quashing the intimation dated march 22, 1993, issued by the first respondent under section 143(1)(a) of the income-tax act, 1961 (hereinafter referred to as 'the act') for the assessment years 1991-92 and 1992-93, copies of the same have been produced as annexures 'b' and 'c', respectively; and also the order dated april 19, 1994, passed by the second ..... would fall for my consideration are : (1) whether the view taken by the second respondent that the appeal filed by the petitioner was not maintainable was justified having regard to the provisions of section 249(4) of the act (2) since the hindu undivided family of which the petitioner was a member has ceased to be an hindu undivided family with effect from september 19, 1991, whether it was not permissible for the ..... respondent has rejected the prayer of the petitioner for rectification on the sole ground that the first respondent has proceeded to issue intimations under section 143(1)(a) of the act without making any additions or deletions to the income return filed by the assessee and the status of the assessee shown in the return .....