Court : Punjab and Haryana
Reported in : (2005)197CTR(P& H)204; [2005]275ITR356(P& H)
..... the return of net wealth for the assessment years 1982-83 and 1983-84 were due to be filed by the assessee under section 14(1) of the wealth-tax act, 1957, (for short 'the act'), on or before june 30, 1982, and june 30, 1983, ..... the assessee preferred appeals before the commissioner of wealth-tax (appeals) and it was submitted that since the assessments had been framed on protective basis, no penalty was leviable under section 18(1)(a) of the act in view of the judgment of this court in cit ..... on the other hand, under the wealth-tax act, there is no provision for advance payment of tax and, therefore, the tax has to be deposited with the filing of the ..... in a given case, there may not be any tax payable on the returned income and, thus, even if such a return is filed late, no penalty for late filing of the return under section 271(1)(a) of the income-tax act, 1961, would be leviable nor would it attract the levy of any penal ..... further pleaded that there was a delay in filing the income-tax returns for the two years in question as well and thus, the delay up to the date of filing of those returns should be considered as a reasonable cause for delay in filing the wealth-tax returns, which could not have been filed without the determination of tax liability under the income-tax act. ..... , in response to the show-cause notices, contended that substantial wealth had been assessed in his hands on protective basis but for which he was not required to file any return under section 14(1) of the act. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2006]284ITR371(P& H)
..... assessment year 1978-79, to this court for its opinion:(i) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in allowing deduction under section 5(1)(iv) of the wealth-tax act, 1957, in respect of the assessee's share in the land and building of the firm in which he is a partner? ..... this is a petition filed under section 27(3) of the wealth-tax act, 1957, seeking a direction to the income-tax appellate tribunal, chandigarh bench, chandigarh, to draw up a statement of case and refer the following questions of law, arising out of the order dated september ..... moreover, rule 2 of the wealth-tax rules providing for the detailed method of determining the value of the interest of a person in a firm of which he is a partner is a pointer to the fact that in the context of wealth-tax, a partner can claim to have a specific interest in its assets exclusively apart from his interest ..... (iii) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that multiple of 8.33 should be applied for ..... (ii) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the following deductions should be allowed in computing commercial ..... factory land and the building in the present case belong to the firm, the two assessees who were partners therein were not entitled to claim any deduction under section 5(1)(iv) of the act. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2003)184CTR(P& H)359; [2003]262ITR403(P& H)
..... this is an appeal under section 27a of the wealth-tax act, 1957 (for short, 'the act'), for determination of the following questions of law :'(i) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that flat in 'reviera apartment' delhi, okhla industrial area, delhi, and hotel site in chandigarh did not belong to the assessee within the meaning of section 2(m) of the wealth-tax act and hence could not be assessed, as such in his hands merely ..... tribunal was right in law in holding that the flat in reviera apartment delhi, okhla industrial area, delhi, and hotel site in chandigarh did not belong to the assessee within the meaning of section 2(m) of the wealth-tax act, and hence could not be assessed, as such in his hands merely on the ground that these have not been transferred in his name particularly when the assessee had made full or partial consideration of the value of ..... : [1997]226itr625(sc) the supreme court interpreted the word 'owner' of the house as defined under section 22 of the income-tax act, 1961, and section 9 of the old act, 1922, whereas in the instant case, we are concerned with the expression 'belonging' to the assessee under section 2(m) of the wealth-tax act and not with the expression 'owner' used under sections 22 to 24 of the income-tax act, 1961. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1973]91ITR501(P& H)
..... in that case was whether reference to amounts collected by way of tax under that act in section 11(2) of the act, could mean all the tax collected by the assessee irrespective of the fact whether he could collect the same under the act or not, and while interpreting sub-sections (1) and (2) of section 11 of the act, it was held by the mysore high court that the words 'amount collected by way of tax under this act' in section 11(2) of the act could only mean sums collected in respect of sale transactions on which ..... as far as the provisions of the income-tax act are concerned, the total amount received by the assessee during the relevant assessment year including the sales tax would be a trading receipt for the relevant assessment year in view of the provisions of section 28(i) of the income-tax act, 1961, which are in the following terms:' ..... no difference between one type of receipt and another, and that any receipt of money by a dealer from the purchaser was a ' collection by way of tax' within section 11(2) of the act, provided it had some relation to sales tax, and that it mattered not that the receipt was merely a deposit by the payer carried to suspense account, the amount being received on the express undertaking and definite condition that the same would be refunded ..... , the said case was only confined to the interpretation of the word 'collection' as contained in the provisions of section 11 of the mysore sales tax act and that was not a case under the income-tax act. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1980]126ITR483(P& H)
..... act (hereinafter referred to as 'the act'), before the commissioner of wealth-tax, patiala, and the proceedings be kept pending till the decision of ..... assessee had a heart attack and ultimately she died on 6th april, 1971, and since the assessee along with her sisters was in a state of shock, and was not in a position to know the share of wealth which would fall to the share of each one of the sisters, in these circumstances, the return was filed in a delayed manner. ..... is a question of law, to this court for its opinion : 'whether, on the facts and in the circumstances of the case, the tribunal is correct in holding that the assessee was prevented by a reasonable cause in the filing of her wealth-tax return ?' 4. ..... held that the explanation furnished by the assessee for the delay in submitting the return of net wealth constituted a reasonable cause for not filing the return by the due date. ..... for the delay of 16 complete months in filing the return of net wealth, the wto initiated penalty proceedings and issued a show-cause notice to the ..... neeta devi, a sister of the assessee, where the penalty under the act was imposed by the wto in similar circumstances and the order of the wto was set aside ..... under section 18(1)(a) of the act. 2 ..... held that there was no material on the record to prove that the assessee was actuated by any dishonest motive in delaying her returns of net wealth and, therefore, cancelled the penalty. ..... pleaded that she had filed a petition under section 18(2a) of the w.t. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1989)77CTR(P& H)222; [1989]178ITR660(P& H)
..... is, at any rate, correct in its view that determination of the fair market value under section 16a of the wealth-tax act cannot be appropriately used in estimating the cost of construction of a house. ..... was not validly taken by the income-tax officer as section 16a of the wealth-tax act could not be availed of for purposes of income-tax assessment proceedings. ..... so, a reference was also made by him to the valuation officer for determining the fair market value of the house in question under section 16a of the wealth-tax act.5. ..... the income-tax officer then started reassessment proceedings under section 147(b) read with section 148 of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the assessment year ..... 000 with reference to the wealth-tax assessment for the year 1971 ..... was, accordingly, held that wholly irrelevant evidence had been considered by the income-tax officer for ascertaining the investment made by the assessee during the assessment year 1970 ..... with hamdard printing press, jalandhar, in the name of the assessee's wife, the tribunal held that the income-tax officer was not justified in calling upon the assessee to explain this deposit. ..... matter went up to the tribunal by way of appeal, it was held that the income-tax officer was not justified in assessing the investment on the house de novo at rs. ..... , the appellate assistant commissioner held that considering that some amenities are provided in the house after its completion and the fact that distempering, etc. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [1968]67ITR138(P& H)
..... the finding of the court, as given in the head-note, are as follows :'(i) that the first consideration before holding a receipt to be profit or gains within section 10 of the income-tax act was to see if there was a business at all of which it could be said to be income. ..... were put aside by sir george lowndes with this observation :...their lordships would discard altogether the case law which has been so painfully evolved in the construction of the english income tax statutes - both the cases upon which the high court relied and the flood of other decisions which has been let loose in this board....it is thus obvious that though the english cases may be of ..... they entered into an agreement by which (1) subbulakshmi was to continue to the act in the picture; (2) out of the net collections over and above the amount advanced by the financier, 50 percent was to be paid to subbulakshmi and the assessee 'towards remuneration for services rendered by them'; (3) the copywrites in the songs, etc. ..... an arrangement was entered into with another party whereby the party agreed to purchase the entire holding of shares of the appellant in the jute company and to procure repayments of all loans, etc. ..... 4,000 every month, in addition to the payment for the limestone, etc. ..... in 1935, for supplying limestone, etc. ..... 29,000 and in consideration of this amount, both executed a release deed in favour of the financier, relinquishing all their rights in the picture and their copyrights in the songs, etc. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2010)228CTR(P& H)189
..... 12, 13 and 14, filed by the assessee-appellant under section 27a of the wealth tax act, 1957 (for brevity, 'the act') challenging common order dated 16.6.2008 passed by the income tax appellate tribunal, chandigarh bench-a, chandigarh (for brevity, 'the tribunal'). ..... only such assets which are included in the definition of the assets under section 2(ea) elsewhere in this order and we are unable to find the 'right to receive the compensation' to fall within the category of any assets referred to in section 2(ea) of the wealth-tax act, 1957 as applicable w.e.f. ..... therefore, though the right to compensation is a valuable right and as an asset for the purpose of wealth-tax act, 1957 before 1.4.1993 but as per section 2(ea) w.e.f. ..... therefore, the said portion of the land is included in the definition of the assets under section 2(ea) of the wealth-tax act, 1957. ..... mehatab 231 itr 501, (supra) held that the right to receive compensation is a valuable right and an assets within the meaning of wealth-tax act, 1957. ..... sections 22 to 24 of the 1922 act deals with the framing, processing and sanctioning of various schemes such as improvement, land building, devel opment, extension and housing accommodation scheme etc. ..... the 15% on account of the provision of roads etc. ..... any land situated in the jurisdiction of the municipality etc. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : [2007]293ITR273(P& H)
..... badhurani deepinder kaur's case , the question before the court was about the meaning of the word 'belonging' in section 2(m) of the wealth tax act, 1957. ..... (ii) if the answer to the above question is in the affirmative, whether, on the facts and in the circumstances of the case, the tribunal was right in holding that (a) the order dated 21-12-1978, passed by the commissioner of income-tax under section 127(1) read with section 125(1) of the income tax act was bad in law and (b) that the inspecting assistant commissioner of income-tax (assessment), patiala, had no jurisdiction over the wealth-tax cases of the assessee ?2. ..... there was, however, no order passed in respect of jurisdiction of the wealth-tax officers, central circle (1), ludhiana, but the inspecting assistant commissioner of income-tax (assessment) passed assessment orders under the wealth tax act also in respect of the assessee. ..... since only specific cases could be transferred, no jurisdiction was conferred on the inspecting assistant commissioner of income-tax (assessment) and exercise of jurisdiction under the wealth tax act by the said officer was illegal. ..... the assessee participated in assessment proceedings by the assessing officer to whom assessment proceedings under the income tax act were transferred and who exercised jurisdiction to assess wealth-tax also with the participation of the assessee without any objection by the assessee. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (1981)20CTR(P& H)128; [1982]136ITR548(P& H)
..... referred the following question oflaw for our opinion ;'whether, on the recorded findings in the case, the tribunal has been right in law in holding that the gold ornaments were not exempt under section 5(1)(viii) of the wealth-tax act, 1957 ?'2. ..... that is made further clear by section 5(1)(xiii) which says that wealth-tax shall not be payable by an assessee in respect of any drawings, paintings, photographs, prints and other heirloom not falling within clause (xii) and not intended for sale but not including ..... quite a large number of assessees who had the bona fide belief that ordinary gold ornaments were not included in the term 'jewellery', would be exposed to the danger of penalties being imposed under the act for not having disclosed such ornaments in their wealth-tax returns. ..... for the assessment year 1968-69, the assessee submitted a wealth-tax return mentioning therein that she also possessed gold ornaments of the value ..... (1) wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the ..... case, the court held that the amendment introduced in section 5(1)(viii) of the act had to be given retrospective effect. ..... from out of the value of the jewellery in her possession whether the same was intended for her personal use or not but under section 5(1)(viii), the value of all the jewellery intended for the personal use of the assessee stands excluded in the computation of the net wealth of an assessee.'6. .....
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