Court : Mumbai
Reported in : [2003]264ITR667(Bom)
..... company filed its return of wealth on april 13, 1992, in response to a notice under section 17(1) of the wealth-tax act, 1957, declaring the net wealth of rupees nil, the assessing officer calculated the net wealth of the assessee-company ..... matter, the commissioner of income-tax (appeals) further observed that the rate of capitalisation should be worked out on a scientific basis and, consequently, the assessing officer was directed to apply schedule iii to the wealth-tax act and revalue the property on that ..... tax (appeals) has merely directed valuation of the property as per schedule iii to the wealth-tax act. ..... tax (appeals) has merely directed the assessing officer to revalue the property after taking into account the principles mentioned in schedule iii to the wealth-tax act. ..... of the tribunal, the department has filed this appeal under section 260a of the income-tax act, 1961.facts :3. ..... respect of the assessment year 1992-93 and the wealth-tax appeal no. ..... respect of the assessment year 1989-90, wealth-tax appeal no. ..... wealth-tax ..... of the department that, in this matter, the department has come in appeal before the high court as the commissioner of income-tax (appeals) has laid down a principle of law while remanding the matter to the assessing officer. ..... being aggrieved, the assessee carried the matter in appeal to the commissioner of income-tax (appeals) who took the view that, in this matter, the government valuer has not worked out the actual rent received for the property occupied by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD573(Mum.)
..... whether the stock exchange card held by the assessees in the bombay stock exchange is an asset within the meaning of section 2(e) of the wealth-tax act, 1957, and consequently wealth-tax is payable thereon.2. ..... be applied to the interpretation of section 2(e) of the wealth-tax act, which contention has not been accepted by us for the reasons given earlier.we accordingly hold, consistent with the earlier orders of the tribunal, that the stock exchange card of the bse is not an asset under section 2(e) of the wealth-tax act.we wish to place on record the very able assistance rendered by mr.dave, the learned commissioner of income-tax (dr) on behalf of the department ..... the meantime some orders had been passed by the tribunal following the judgment of the supreme court cited supra, to the effect that the stock exchange card was not an asset under the wealth-tax act and in the normal course such orders would have had to be followed in the interests of judicial propriety, discipline and decorum, but considering the nature of the prayer made on behalf of ..... circumvented on the mere ground that the context is different if the issue decided is the same.the text also may have been different--constitution of india and not the wealth-tax act--but the concept propounded and explained is that of stock exchange membership card, its nature, the characteristics, etc. ..... bye-laws, etc. ..... the death or default of a member, his right of nomination vested in the stock exchange free of all rights, claims, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1992)40ITD142(Mum.)
..... we are, therefore, of the opinion that the cit(a) was wholly unjustified in holding first that this was a right exigible to tax within the meaning of section 2(m) read with section 3 of the wealth-tax act and in further valuing such right, in our opinion, on a somewhat ad hoc basis at 15% of the market value of the gold under the relevant valuation ..... specifically provide for inclusion of certain assets although such assets may not stand in the name of the assessee.section 4 of the wealth-tax act provides that in computing the net wealth of an individual, there shall be included as belonging to that individual the value of the asset which on the relevant valuation dates are held by the spouse of such individual to whom such assets are transferred directly or indirectly or by a ..... dates, the impugned gold did not constitute an asset belonging to the appellants (assessees) on the relevant valuation dates and, therefore, could not be brought within the charge of the wealth-tax act.10.2 the next issue which emanates from the argument about relating back is whether an asset which by subsequent event is deemed to be belonging to the assessee can be brought to tax for an earlier year under section 3 read with section 7(1) of the wealth-tax act by operation of the concept of deeming. ..... the learned judge has proceeded to deal with the relevant defence of india (amendment) rules, 1963, 1966, gold control ordinance and the act of 1968, etc. ..... of an opportunity to the owner of the gold etc. .....
Tag this Judgment!Court : Mumbai
Reported in : AIR1966Bom166; (1965)67BOMLR659; ILR1965Bom1054
..... although therefore the charging section of the wealth tax act says that the tax will be charged for the financial year commencing from the 1st of april, 1957, there will actually be no wealth that from a certain financial years onwards the wealth tax should be abolished either completely or partially or that is should be amended as increase the burden or grant itself relief against the increase the will not take effect in spite of the said intention of the legislation for at ..... the charging section of the wealth tax act, however, has got to be interpreted on its own languages and in view of the scheme under the wealth and tax act and in giving out construction had interpretation in to said section we have property borne in mind the difference in the scheme of the two act, to which ..... order to emphasize his arguments that the scheme under the wealth tax act is different from the schedule under the indian income - tax schemes has got to borne in mind in interpreting the charging section in the wealth tax act, mr. ..... that section reads as follows:'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on the and from that first day of april 1957, a tax (hereinafter referred to as wealth tax) in respect of the net wealth of the corresponding valuation date of the every, individual hindu undivided family and company at the rate oft specified in the schedule'.assessment year' under the act means the year for which tax is chargeable .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1993)47ITD255(Mum.)
..... the term 'net wealth' is defined in section 2(m) of the wealth-tax act, according to which it means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets wherever located belonging to the assessee on the valuation date is in excess of the aggregate value of the debts owed by ..... the appellant forms a part of the appellant's net wealth under section 2(m) of the wealth-tax act. ..... under section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm or a member of an association of persons, the value of his interest in the firm or association shall ..... the assessees had objected the action of the assessing officer in bringing deemed gift to tax and, consequently, holding that the assessees are liable under the wealth-tax act in respect of the value of the assets as on the valuation date. ..... fail to appreciate appellant's basic submission that on admission of a partner in a firm and the resultant readjustment of shares of the partners, there is no 'transfer' within the meaning of gift-tax act, 1958 and consequently such a transaction not chargeable to gift-tax at all.2.1 we have heard the assessee's learned counsel who vehemently argued that, in the facts and circumstances of the case, the admission of a partner in the firm and readjustment of the shares ..... rule 2 of the wealth-tax rules, 1957, which provides for the computation of the value of interest of a partner in a firm, directs the determination of such value in .....
Tag this Judgment!Court : Mumbai
Reported in : [1977]106ITR709(Bom)
..... it was further submitted that the earlier view was in the context of the provisions of section 4(3)(i) of the indian income-tax act, 1922, which are not the same as the provisions of section 5(1)(i) of the wealth-tax act, 1957, and consequently although the property held under trust may not be wholly for religious or charitable purposes as required under section 4(3)(i) of the indian income-tax act, the trust may nevertheless be a trust for a public purpose of a charitable nature within the meaning of section 5(1)(i) of the wealth-tax act. ..... however, one find that under the indian income-tax act the first part of the section (we are not concerned with the latter part of the section) contains the word 'wholly' as qualifying the subsequent expression 'for religious or charitable purposes', whereas no such qualifying word is to be found in section 5(1)(i) of the wealth-tax act, 1957.17. ..... ceremony after my death) and that on this condition that the rent should be so fixed that the income of the rent should yield interest at three and half per cent, or up to four per cent, and all taxes, all outgoings, insurances, etc. ..... - with the exception of one big substantial house situate on the other land known as that of bomonji kashinath as to the chawls, houses, etc. .....
Tag this Judgment!Court : Mumbai
Reported in : [1973]90ITR429(Bom)
..... daga contended before a division bench of this court that there was no provision in the wealth-tax act, 1957, entitling the revenue to charge wealth-tax in respect of the wealth of a deceased person from after the financial year next to the financial year in which such person dies. ..... the provisions in sub-section (2) when read with sub-section (1) clearly indicate that the provisions in this section were to enable the revenue to recover wealth-tax in respect of the net wealth of the deceased person for the financial year in which the person died. . . . ..... after considering section 19 along with the definitions contained in the act and sections 4 and 5, the division bench held that there was no provision in the wealth-tax act in respect of assessing wealth-tax on the estate left by a deceased individual except to the extent as provided in section 19. ..... the question was whether under section 4(3)(i) of the indian income-tax act, 1922, income received by the tribune trust was exempted from liability to pay any tax. ..... the claim of the assessee, the tribune trust, was that the income of the trust was exempt from tax under section 4(3)(i) of the indian income-tax act. ..... the question was about the true effect and construction of the above section and as regards the exemption claimed by the tribune trust. ..... the relevant provisions are in section 19 of the act. ..... it was observed that under section 19 : '. . . .....
Tag this Judgment!Court : Mumbai
Reported in : [1968]70ITR600(Bom)
..... an association of persons and exempted from wealth-tax on the ground that an association of persons is not an entity mentioned in the charging section of the wealth-tax act, 1957. ..... however, have been that the trust being a public charitable trust, the asset held under trust are exempt from wealth-tax under the provisions of section 5(1)(i) of the act, that the trustees being more than one cannot be an assessable entity under the wealth-tax act, and that they could not be brought to tax under section 21 of the wealth-tax act, these contentions have been negatived by the departmental authorities and by the tribunal and on an application of the ..... only the individual, a hindu undivided family and a company that are dealt with under the wealth-tax act and groups of individuals acting as an association of persons or firms, etc. ..... wealth-tax act and the provisions of the several sections in the act as also the forms of the returns, etc ..... purpose of founding, maintaining, conducting or helping charitable institutions like orphanages, boarding schools, etc. ..... reliefs against distress or bodily ailment by opening, starting, maintaining and conducting hospitals and dispensaries etc. ..... etc. ..... advancement of education by the opening, starting, maintaining and conducting schools, colleges, etc. ..... manner in which such benefit shall be conferred as he may in his discretion think proper and also to require that a particular charity shall be done in the name or names of a particular individual or individuals, etc. .....
Tag this Judgment!Court : Mumbai
Reported in : [1978]114ITR732(Bom)
..... thus, the following three questions have been referred to this court under section 27(1) of the wealth-tax act; (1) whether, on the facts and in the circumstances of the case, for the purposes of including in the net wealth of the company for the assessment years 1957-58 and 1958-59 the value of the fixed assists of the company should be taken at the written down value thereof as determined under the income-tax or at the written down value as shown in the balance-sheet on the ..... now, so far as the chargeability of wealth-tax is concerned, under section 3 of the wealth-tax act, the tax is charged in respect of the net wealth on the corresponding valuation date of the assessee. ..... under section 7(1) of the wealth-tax act, the value of any asset, other than cash, is for the purposes of the wealth-tax act, required to be the price which, in the opinion of the wealth-tax officer, it would fetch if sold in the open market on the valuation date. ..... it may, however, be that reason of the increasing price of the asest, the increase in price in the subsequent years of the said asset may more than off-set the depreciation caused by the wear and tear of the assest and it may as well as that the market value of the assest in spite of its wear and tear at a given date may be more than price .....
Tag this Judgment!Court : Mumbai
Reported in : [1965]58ITR161(Bom); 1965MhLJ907
..... the question, which has been referred to us under section 27(1) of the wealth-tax act, 1957, at the instance of the assessee, is as follow : 'whether for the assessment year 1959-60 the net wealth of the assessee has rightly been charged at the rate of 1 ?' 2. ..... although, therefore, the charging section of the wealth-tax act says that the tax will be charged for the financial year commencing from the 1st of april, 1957, there will actually be no wealth-tax charged. ..... the charging section of the wealth-tax act, however, has got to be interpreted on its own language and in view of the scheme under the wealth-tax act and in giving our construction and interpretation to the said section, we have properly borne in mind the difference in the schemes of the two acts, to which mr. ..... in order to emphasize his arguments that the scheme under the wealth-tax act is different from the scheme under the indian income-tax act and that the difference between the two schemes has got to be borne in mind in interpreting the charging section in the wealth-tax act, mr. ..... that section reads as follow : 'subject to the other provisions contained in this act, there shall be charged for every financial year commencing on and from the first day of april, 1957, a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, hindu undivided family and company at the rate or rates specified in the schedule. .....
Tag this Judgment!