Court : Rajasthan
Reported in : [1987]165ITR705(Raj)
..... 17 of the wealth-tax act, 1957, is bad in law 'as regards the addition of the value of the mardana mahal, it was submitted on behalf of the assessee that an oral family settlement had taken place on october 24, 1968, by which a portion of the mardana mahal was ..... the wealth-tax officer, after the assessments of the assessee in respect of the assessment years 1971-72 to 1975-76 were completed, initiated reassessment proceedings under section 17(1)(a) of the wealth-tax act, 1957, by issuing notices dated march 15, 1978. ..... of wealth-tax, jaipur, filed applications under section 27(1) of the wealth-tax act before the income-tax appellate tribunal, jaipur bench, jaipur, for making references to this court in respect of the following common question which was said to arise out of the order of the income-tax appellate tribunal dated july 24, 1980 :' whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the finding of the appellate assistant commissioner that initiation of proceedings under section .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]164ITR237(Raj)
..... tax appellate tribunal requesting the tribunal to refer the following question arising out of its order dated february 16, 1981, to this court for its opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessment has not been validly reopened and in setting aside the order of the appellate assistant commissioner and cancelling the assessment made under section 17 of the wealth-tax act, 1957 ..... the wealth-tax officer issued notices to naushir marfatia under section 17(1) of the wealth-tax act on the ground that he has reason to believe that on account of the failure on the part of such person to make a return of wealth under section 14 of the wealth-tax act of his net wealth, the net wealth chargeable to tax under the act had ..... the tribunal was justified in holding that the assessment proceedings under section 17(1)(a) of the wealth-tax act, could not be taken in respect of the assessees and whether the tribunal was justified in setting aside the order of the appellate assistant commissioner and cancelling the assessments made under section 17 of the wealth-tax act (2) whether, on the facts and in the circumstances of ..... not say that no question of law arose in these cases, but while rejecting the application filed on behalf of the department under section 27(1) of the wealth-tax act, the appellate tribunal held that no referable question of law arose in these cases, because the questions raised, in the opinion of .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR385(Raj)
..... in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount ..... and has prayed that the tribunal be directed to make a reference to this court on the following question of law : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957 ?' 3. ..... two applications under section 27(3) of the wealth-tax act, 1957 (no. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment does not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by the petitioner calling ..... subsequently, section 5 of the wealth-tax act was amended by the ..... that the question of retrospectivity of the amendment was serious and highly debatable and could not be resolved without making a serious and studied attempt of the different amendments sought to be inserted in section 6(1)(viii) of the wealth-tax act. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1986]158ITR47(Raj)
..... in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs ..... these are three applications under section 27(3) of the wealth-tax act, 1957, for directing the income-tax appellate tribunal, jaipur bench, jaipur, to state a case and refer the question of law arising out of the tribunal's order dated june 24, 1977, passed in wealth-tax appeals nos. ..... and has prayed that the tribunal be directed to make reference to this court on the following question of law i 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the exemption granted in respect of jewellery and ornaments to the assessee at the time of the original assessment did not disclose any mistake apparent from the record which can be rectified under section 35 of the wealth-tax act, 1957?'4. ..... in view of the decision of the supreme court and in view of the other decisions referred to above, in our opinion, no case for initiating proceedings under section 35 of the wealth-tax act has arisen as the original assessment docs not disclose any mistake apparent from the record and we decline to direct the tribunal to state the case on the question stated by the petitioner calling upon ..... subsequently, section 5(1)(viii) of the wealth-tax act was amended by the finance .....
Tag this Judgment!Court : Rajasthan
Reported in : [2002]257ITR294(Raj)
..... referring to the phraseology used in cognate taxing statutes like the indian income-tax act, 1922, and the gift-tax act, 1958, and existing decided cases considering the charging sections of the indian income-tax act, 1922, the court said (page 4) :'when the wealth-tax act, 1957, was passed, the legislature decided to specify only 'individual, hindu undivided family and ..... this is an application under section 27(3) of the wealth-tax act, 1957, for requiring the income-tax appellate tribunal, jodhpur bench, jodhpur, to submit the statement of case and refer the questions of law said to be arising out of the tribunal's ..... the same were dismissed by the tribunal by finding that the trust itself is not assessable entity at all under section 3 of the wealth-tax act and therefore notices issued to the trust for the purposes of assessing the trust as an assessable entity were invalid and no proceedings ..... kanwar medical trust, in pursuance of the order under section 25(2) of the wealth-tax act passed by the commissioner of wealth-tax and assessment was made on the trust under section 16(3) by the assessing authority by issuing notice to ..... if at all, the assessment could have been made under section 21 of the wealth-tax act as a representative of those, on whose behalf or for whose benefit the assets are held by it, if wealth-tax was otherwise leviable on such beneficiaries for whose benefit such property is held by them in trust to the extent the value of the assets ..... ]229itr1(sc) , etc. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]65STC215(Raj); 1985(1)WLN100
..... stc 378 held : as a result of perforation of iron sheets a different commercial commodity comes into existence and since perforated iron sheet is not covered by the categories mentioned in section 14(iv) of the central sales tax act, 1956, as amended by the central sales tax (amendment) act, 1972, it could not be treated as iron and steel but had to be treated as an unclassified item for the purposes of assessment under the u.p. ..... essential for the transport and marketing of the produce.held, that the onus of proving that the assessee was carrying on business and was, therefore, a 'dealer' within the meaning of section 2(b) of the central sales tax act, 1956, was on the department and that the department had not discharged that onus.15. ..... sheets fall within the ambit of 'iron and steel' in entry 2 of the third schedule to the andhra pradesh general sales tax act, 1957.the words 'that is to say' occurring immediately after 'iron and steel' in entry 2 show that the legislature intended to adopt the most general concept of iron and steel and wanted ..... sizes) ;(iii) skelp bars, tin bars, sheet bars, hoe-bars and sleeper bars ;(iv) steel bars (rounds, rods, squares, flats, octagons and hexagons, plain and ribbed or twisted, in coil form as well as straight lengths);(v) steel structural (angles, joists, channels, tees, sheet piling sections, z sections or any other rolled sections);(vi) sheets, hoops, strips and skelp, both black and galvanised, hot and cold rolled, plain and corrugated, .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)52CTR(Raj)68
..... these wealth-tax reference petitions filed under section 27(3) of the wealth-tax act, 1957, raise common questions and, therefore, they are being disposed of by ..... is an industrial undertaking and as such the assessee is entitled to exemption under section 5(1)(xxxii) of the wealth-tax act; 1957? ' 4. ..... by the aforesaid order of the tribunal, the revenue moved the petitions under section 27 of the wealth-tax act, whereby it was prayed that the following four questions may be referred to ..... moved a petition under section 27(1) of the wealth-tax act for reference of the four questions, referred to above, and the income-tax appellate tribunal referred only ..... under section 7 of the wealth-tax act, it is provided that the value of the asset shall be estimated to be the price which in the opinion of the wealth-tax officer it would fetch if sold in the open ..... thereupon this petition has been filed by the revenue under section 27(3) of the wealth-tax act.6. ..... value is determined on that basis, then for the assessment years 1974-75 and 1975-76, the said fair market value was less than 20 per cent, as contemplated in rule 2b(2) of the wealth-tax rules, 1957, and no addition on account of enhanced market value of the closing stock could be made under rule 2b(2). ..... invoice value (eiv) and as a result of the aforesaid revision in the market value of the stock, the value increased by more than 20 per cent, and as per rule 2b(2) of the wealth-tax rules, 1957, the net wealth was computed on that basis. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)57CTR(Raj)185; [1987]168ITR364(Raj)
..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal erred in law in holding that section 4(1)(a)(i) of the wealth-tax act, 1957, applied to the case of the assessee to warrant the inclusion of the value of gold ornaments in the net wealth of the assessee ? 2. ..... the question which arises for determination in this reference relates to the interpretation and application of section 5(l)(viii) of the wealth-tax act, 1957.2. ..... the tribunal upheld the contention of the department with regard to the gold ornaments and jewellery that the same were gifted by the assessee to his wife on or after his marriage in the year 1957 and as the gift was made to the spouse, in terms of section 4(l)(a)(i) of the wealth-tax act, the same was includible in the wealth of the assessee. ..... it may be pointed out that the exemption allowed under section 5(l)(viii) of the wealth-tax act is in respect of articles intended for personal and household use of the assessee. ..... the claim of the assessee that the jewellery in question was intended for the personal use of the assessee was not rejected by the wealth-tax officer but he disallowed the claim of the assessee in this respect on the ground that items of jewellery were covered by clause (xv) of section 5(1) of the wealth-tax act and not by clause (viii) of that section. ..... in that case, the assessee claimed exemption in respect of the value of the articles made of gold in the form of utensils like cups, saucers, trays, etc. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1988]173ITR388(Raj)
..... that the tax liability incurred by the assessee on this amount had crystallised on the valuation date and, therefore, it was a ' debt owed' within the meaning of section 2(m) of the wealth-tax act, 1957, on account of which the amount of tax due on ..... held that even where the tax liability had been incurred on the date of valuation but the same had been assessed or quantified subsequently, the same was deductible as a ' debt owed ' within the meaning of section 2(m) of the wealth-tax act, 1957, while computing the net wealth of the assessee under that act. ..... wealth of the assessee rejecting the assessee's contention that the income-tax payable thereon had to be deducted according to section 2(m) of the wealth-tax act, 1957 ..... revenue under section 27(1) of the wealth-tax act, 1957, to decide a common question of law in respect of the same assess'ee pertaining to the ..... net wealth of the assessee under the wealth-tax act, 1957.6 ..... that the wealth-tax officer was not justified in refusing to deduct the amount of tax liability on ..... the reference relating to the assessment year 1966-67 is as under :' whether, on the facts and in the circumstances of the case, the tribunal was justified in law in allowing deduction of income-tax liability pertaining to earlier years and quantified on settlement reached some time in 1975 out of the gross amount of the assessee's share amounting to rs. ..... wealth-tax ..... tax liability thereon represented the net value of that asset for inclusion in the assessee's wealth .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)54CTR(Raj)118; [1987]163ITR417(Raj)
..... under section 18(1)(a) of the wealth-tax act, 1957 ?'2. ..... this reference application has been moved under section 27(3) of the wealth-tax act, whereby the revenue has prayed that the income-tax appellate tribunal may be directed to refer the following question to this court:'whether, on the facts and in the circumstances of the present case, the tribunal was justified in cancelling the ..... the wealth-tax officer issued a show cause notice for imposing penalty on the assessee and in response to the said show cause notice, the assessee filed a reply wherein the assessee stated that she was under the bona fide belief that her wealth was below the taxable limit and that as and when she came to know that the wealth was taxable, she immediately filed returns for the years ..... the wealth-tax officer did not accept the said explanation of the assessee and imposed ..... the said order, the tribunal has noticed that the wealth of the assessee consisted of jewellery for personal use worth ..... and circumstances of the case, the tribunal has held that the said explanation given by the assessee was reasonable and the assessee acted bona fide in not filing the return till november, 1971. ..... that excluding the value of thesetwo assets, the wealth of the assessee was admittedly below taxable limit the tribunal has also noticed the contention of the assessee that the assessee had, ho knowledge about the taxability of these two assets and, therefore, the belief was formed that the wealth was below taxable limit. .....
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