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Travancore Titanium Products Ltd. Vs. Commissioner of Income-tax, Kera ...

Court : Supreme Court of India

Reported in : AIR1966SC1250; [1966]60ITR277(SC); [1966]3SCR321

..... 3 of the wealth tax act, 1957, for every financial year in respect of the net wealth of every individual, hindu undivided family and company at the rate or rates specified in the schedule to the act; and 'net wealth' under the act means the amount by which the aggregate value computed in accordance with the provisions of the act of all the assets belonging to the assessee on the valuation date is in excess of the aggregate value ..... tax under the wealth tax act 27 of 1957 incurred by the company for the calendar years 1957 ..... indian income-tax act in his assessment to income-tax, for tax is imposed under the wealth tax act on the ..... profits of a company in respect of any year, before deducting any of the allowances referred to in the second paragraph of part ii, are less than the amount of wealth-tax payable by it in respect of the relevant assessment year, the wealth-tax payable by the company for such assessment year shall be limited to the amount of such profits provided that the company has not declared any dividend on its equity capital ..... the slabs on which the rate of tax is nil are not uniform in the case of different taxable entities and a special exemption is given to a company which has incurred in any year loss computed in accordance with sections 8, 9, 10 and 12 of the income-tax act without referring to depreciation allowances and development rebates and without taking into account the losses brought forward from the earlier ..... to carry on and earn profits in the trade, etc. .....

Commissioner of Wealth-tax Vs. G.R. Employees Welfare Trust

Court : Gujarat

Reported in : [2001]251ITR514(Guj)

..... years 1977-78 to 1979-80 has been referred for the opinion of this court by the income-tax appellate tribunal : 'whether the provisions of section 21(4) of the wealth-tax act, 1957, cannot be applied in the case of the assessee-trust and whether its wealth has to be taxed at the appropriate rate and not at the rate it was charged by the wealth-tax officer ?' 2. ..... tax act relating to application of rate under section 164(1) to be applied to the income received by the trustees of the trust governed by section 164(1) was not applicable, without considering the fact that exclusion from the applicability of the rate provided under section 164(1), at which income-tax was to be calculated, was made because the case fell within clause (i) to the proviso of section 164(1) whereas no corresponding provision exist under the wealth-tax act ..... affirmed by this court on a reference being made to it, the assessment under the wealth-tax act which was made in the status of an association of persons by applying section 21(4) and tax was computed at 1.5 per cent, on the total value of asset as disclosed by the assessee, was made to conform with levy of tax at the rate prescribed in the schedule and not at the specified rate under section 21(4) is substantially the same, so far as substantive provision is concerned. ..... were defined and the members of their families for the purpose of education, medical relief, providing gainful employment, housing, expenses on marriage and other social obligations, etc. .....

Smt. Josephine Pinto Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1982)1ITD615Indore

..... a conclusion we derive support from the ratio in the case of kantilal manilal (supra), wherein their lordships, inter alia, observed as under : "if an amount of tax falls within the description given in section 2(m)(iii)(a) of the wealth-tax act, 1957, it would not be deductible even though it is a debt owed by the assessee on the relevant valuation date. ..... ascertained liabilities after completion of assessment as permissible under section 2(m) of the wealth-tax act, 1957 ("the act"). 2. ..... (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act ; and (iii) the amount of the tax, penalty or interest payable in consequent of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958)- (a) which is outstanding on the valuation date and is claimed by the assessee ..... shri nagar further mentioned that "outstanding" appearing in the relevant section of the wealth-tax act should be construed and interpreted to mean that the outstanding was after the expiry of the accounting period ; absence of assessment order and ..... view, the liability does not by itself automatically occur and the same is, in fact, attributable to some process other than mere ending of the accounting period, may be, an assessment order and demand notice, etc. .....

A. Vimalan Vs. Commissioner of Gift-tax

Court : Chennai

Reported in : [1974]94ITR21(Mad)

..... on the applicability of its decision rendered under the wealth-tax act to the gift-tax proceedings, the tribunal has stated that the definition of ' asset' in section 2(e)(1)(v) of the wealth-tax act excludes any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee and it is with reference ..... to that 'provision the route permits which enured only for a period of three years were held to be not coming within ' the definition of 'asset' under that act, and that in the gift-tax act there being no ..... contended that the decision of the tribunal in wealth-tax proceedings in respect of the same assessee holding that these bus routes could not be valued for the purpose of the wealth-tax act applies to gift-tax proceedings as well. ..... referred to this court the following question:' whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that appavoo pillai was liable to be taxed under the gift-tax act by including the route permits referable to the buses gifted to vimalan and jayathilakan, as property forming the subject of the gifts and including the same in the assessments and estimating the value thereof .....

Commissioner of Wealth-tax Vs. Kaviraj Mahipat Singh

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 .....

Mahi Traders Vs. State of Tamil Nadu

Court : Chennai

Reported in : [1980]45STC327(Mad)

..... 894 and 895 of 1977 that coloured leather also would come within the expression "hides and skins, whether in a raw or dressed state", as contemplated by section 14(iii) of the central sales tax act, the tribunal was right in its conclusion and, therefore, no case has been made out for interference with the order of the tribunal. ..... 942 and 968 of 1979 have been preferred against the orders of the sales tax appellate tribunal holding that coloured leather would fall within the scope of the expression contained in section 14(iii) of the central sales tax act, 1956, and remanding the matter from the purpose of finding out which are the turnovers which would come within the scope of that provision. ..... consequently, we are clearly of the opinion that leather splits and coloured skins will come within the scope of the expression "hides and skins, whether in a raw or dressed state" under section 14(iii) of the central sales tax act and would, therefore, be liable only to single point levy as provided for in section 15 of that act and not to multi-point levy. ..... 591 of 1979 is concerned, the sales tax appellate tribunal held that coloured leather would also come within the scope of section 14(iii) of the central sales tax act and that, therefore, the turnover was liable to only single point levy. .....

Commissioner of Wealth-tax Vs. Mrs. Daisy Paul

Court : Kerala

Reported in : [1990]183ITR22(Ker)

..... useful to quote section 5(1)(xxxii) of the wealth-tax act as also the explanation to section 5(1)(xxxii) of the act, sections 5(1), 5(1)(xxxii) and the explanation to section 5(1)(xxxii) of the wealth-tax act read as follows ..... : [1980]126itr66(cal) , to contend that the word 'processing' occurring in section 5(1)(xxxii) of the wealth-tax act should be looked into from a broad point of view, that in the context it is used in contradistinction or differently from the expression 'manufacture' and this is a case where something is done to ..... arrived at by bearing in mind the connotation of the word 'processing' that occurs in section 5(1)(xxxii) of the wealth-tax act and the context in which it occurs. ..... of net wealth for the assessment year 1976-77, the assessee claimed deduction under section 5(1)(xxxii) of the wealth-tax act of her ..... sub-section (1a), 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 ..... wealth-tax act ..... of the interest of the assessee in the assets (not being any land or building or any rights in any land or building or any asset referred to in any other clause of this sub-section) forming part of an industrial undertaking belonging to a firm or an association of persons of which the assessee is a partner, or, as the case may be, a member ;' '(xxxi) explanation. ..... that we are concerned with an exemption in a taxing statute, unlike the question involved in : [1981]131itr636(delhi) , etc. .....

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 .....

Commissioner of Wealth-tax, West Bengal Vs. Anglo-american Direct Tea ...

Court : Kolkata

Reported in : [1968]69ITR260(Cal)

..... the respondent assessee claimed that in computing its net wealth for the purpose of wealth-tax those amounts ought to be deducted as debt, owed by it, within the meaning of section 2(m) of the wealth-tax act, 1957, on the respective valuation dates. ..... the tribunal rejected the contention put forward on behalf of the department that by claiming the double income-tax relief, as against the assessable tax, the assessee had disputed the quantum of the taxes, and, therefore, the claim for allowance for taxation fell within the mischief of section 2(m)(iii) of the wealth-tax act.thereupon, both the assessee and the revenue asked for reference of certain questions of law to this court. ..... - this is a reference, under section 27(1) of the wealth-tax act, made at the instance of both the assessee and the commissioner of wealth-tax.the assessment year involved is the year 1958-59, the relevant valuation date being november 30, 1957.the assessee is a sterling company incorporated in great britain and is a manufacturer of tea grown in its own gardens in india. ..... commissioner of wealth-tax), we hold that these also fall within section 5(1)(ix) of the wealth-tax act and are entitled to exclusion.so far as electrical machinery, grinding mills, welding machinery, etc. ..... there is no finding to the effect that electrical mechinery, grinding mills, welding machinery, etc. ..... 28,817 and the value of electrical machinery, grinding mills, welding machinery, etc. .....

Commissioner of Wealth Tax Vs. Southern Roadways Ltd.

Court : Chennai

..... than-- (i) debts which under section 6 are not to be taken into account; (ii) debts which are secured on or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act ; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958),-- (a) which is outstanding ..... learned standing counsel appearing for the revenue, by placing reliance on the clarification issued in circular no.663 dated 23.09.1993, submitted that upto 1992-93 and till the amendment to section 2(m) of the wealth tax act, with effect from 01.04.1993, for the purpose of computing the taxable net wealth under the wealth tax act, wealth tax liability was not a debt incurred by the assessee in relation to the assets taxable under the wealth tax act, but was a liability created by the statute. ..... the claim of the assessee for the deduction of wealth tax liability from the net wealth of the assessee as computed in terms of section 40 of the wealth tax act (hereinafter called as the ".act". ..... we have perused the provisions of section 2(m) of the wealth tax act, which was amended with effect from 01.04.1993. ..... section 2(m) of the wealth tax act with effect from 01.04.1993: ".2(m) ".net wealth". .....