Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1990)32ITD125(Gau.)
..... the contention of the revenue is that the appellate assistant commissioner of wealth-tax erred in directing the wealth-tax officer to allow the entire tax liability without reference to the provision of section 2(m)(iii) of the wealth-tax act. ..... therefore, concluded that as the liabilities for the taxes were not in existence on the date of valuation, these cannot be said to be debts in terms of section 2(iii) of the wealth-tax act. ..... in the assessment order for the assessment year 1967-68 in the case of shri abdul malik passed by the wealth-tax officer under section 16(5)/23/17, it was mentioned that the assessment was made originally and later on it was set aside by the ..... act denies deduction in respect of tax which was outstanding on the valuation dates if the assessee disputes the same in appeal etc ..... process of assessment is a method to ascertain the tax after allowing deductions etc. ..... is strongly urged that only the debts which were in existence on those dates can be taken into account and that too subject to the limitation prescribed under section 2(m).it is submitted that at point of time of the valuation dates in the present cases, those tax liabilities were not at all present as, in fact, such assessments and demand were raised later on in the case of the firm etc. ..... was also observed that it refers to the initial stage only where an appeal etc. ..... etc. ..... etc. ..... however, remarked that revised liability due to rectification etc. ..... brothers and the residential houses of their partners etc. .....
Tag this Judgment!Court : Kerala
Reported in : (1991)99CTR(Ker)124; [1991]191ITR370(Ker)
..... in that case, a question arose whether mappilla marumakkathayam tarwads of north malabar -- muslim undivided families governed by the mappilla marumakkathayam act (madras act 17 of 1939)--fall within the expression 'individual' and are assessable to tax under section 3 of the wealth-tax act, 1957. ..... the department was thus aware that only individuals and undivided families were taxable entities under the wealth-tax act, 1957, before the introduction of section 21aa in the act. ..... it is observed that the legislature has given a clear indication that an association of persons is not an assessable entity covered by the word 'individual' in section 3 of the wealth-tax act and that is clear on a reading of rule 2(1) of the wealth-tax rules, 1957, along with section 4(1)(b) of the act. ..... paragraph 84 says that an association of persons is not charged to wealth-tax on its net wealth and that, under the wealth-tax act, 1957, individuals and hindu undivided families are taxable entities. ..... an association of persons or a body of individuals, whether incorporated or not, comes within the definition of persons for the purpose of the income-tax act, whereas only three categories of persons are contemplated under section 3 of the wealth-tax act, viz. ..... admission of members, payment of entrance fees and subscriptions, resignation and expulsion of members, the management of the affairs of the club, ordinary and extraordinary general meetings of members, alteration of the rules and making new rules, etc. .....
Tag this Judgment!Court : Kolkata
Reported in : [1968]69ITR446(Cal)
..... he has referred to the letter dated july 7, 1960, addressed by the petitioner to the wealth-tax officer requesting the officer to grant the certificate as required under section 34 of the wealth-tax act and has drawn my attention to the fact in the said letter, the sale price has been stated to be rs. ..... not filling in the part vii of the return by the petitioner does not, in my view, amount to any failure or omission within the meaning of section 147(a) of the income-tax act, 1961.the next ground relied upon by the income-tax officer, namely, that the income-tax officer was informed at the time of the wealth-tax assessment that the sale price was rs. ..... petitioner prays for the issue of a writ of certiorari for quashing the notice dated the 22nd february, 1966, issued by the respondent, income-tax officer, under section 148 of the income-tax act, 1961, for reopening the assessment of the petitioner, for a writ in the nature of mandamus commanding the respondent income-tax authorities is rescind, cancel or withdraw the said notice and for a writ of prohibition restraining the respondents from giving any effect to the ..... this property had all along been shown in the petitioners returns for the assessment wealth-tax; and for the purpose of assessment under the wealth-tax act the petitioners share in this property had been valued at rs. .....
Tag this Judgment!Court : Kolkata
Reported in : (1976)5CTR(Cal)180
..... in other words, is the wealth tax a tax on the capital value of the assets or a tax on lands and buildings it was held by the supreme court that the tax imposed that the tax imposed by section 3 of the wealth tax act, 1957 was on the net wealth on the corresponding valuation date and not on the increase in the wealth of the assessee or accretions to the wealth of the assessee since the last valuation date. ..... there the learned judges of the supreme court held that section 24 of the finance act, 1969 which incorporated the amendments to the relevant provisions of the wealth tax act, 1957, included the capital value of agricultural lands in computing the net wealth for the purposes of wealth tax was within the legislative competence of the parliament. ..... section 69-b deals with the amount of investments etc. ..... section 69-a deals in the same line with unexplained money, bullion, jewellery, etc. ..... therefore, in order to be a valid tax, counsel submitted, the tax should be for a public purpose and the purpose of the different taxes have been mentioned, according to counsel for the petitioner, in the provisions of chapter i, part xii, of the constitution dealing with finance, property, contracts and suits, etc. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD631(Coch.)
..... net maintainable rent is to be computed under rule 4 of schedule iii of the wealth-tax act, 1957 which reads as under :- for the purposes of rule 3, "net maintainable rent" in relation to an immovable property referred to in that rule, shall be the amount of gross maintainable rent as reduced by- (i) the amount of taxes levied by any local authority in respect of the property; and rule 4 permits only exclusion of taxes levied by local authorities and a sum equal to 15 per cent of the gross ..... court has held-'- where composite rent is received by the assessee from the tenants it should be split up and the amount attributable to the building only should be computed under section 9(1) of the indian income-tax act, 1922, while the amount attributable to the amenities provided by the assessee to the tenants should be assessed under section 12 of the act.in the instant case, the assessee received rent separately from the amount for the services rendered. ..... in rule 5(2) "rent received or receivable" shall include all payments by whatever name called, etc.are qualified that it should be for the use of the property. ..... the assessee is that the owners of the building have to provide various facilities like common lighting, operation of lift throughout, electricity, lift maintenance, security, etc. ..... that whatever may be the claim made with regard to charges received for services rendered, such as common lighting, outside light, watch and ward, car park, water facility, lift operations, etc. .....
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 : Allahabad
Reported in : [1966]61ITR704(All)
..... basappa (the mysore high court laid down that 'debts owed' in section 2(m) of the wealth-tax act 'must be held to include both debts payable at once as well as those payable in future' and that 'it also includes debts which are ascertained as well as those that are not ascertained'. ..... the learned judges held that all liabilities are not debts within the meaning of section 2(m) of the wealth-tax act and that only debts solvendum in praesenti can be deducted. ..... we are not concerned with the interpretation of section 2(m) of the wealth-tax act and admittedly there was no debt solvensdum in praesenti because the assessment itself had not been done. ..... collector of madras are that a registered partnership carried on business till september, 1946, and was dissolved in february, 1947, by a court, a notice under section 13 of the excess profits tax act was issued to the receiver (appointed by the court during the pendency of the suit for dissolution, and the assessment order was passed in 1949 and a demand notice was served upon the receiver, who ..... they have not referred to the relevant provisions of the mysore agricultural income-tax act, such as the sections dealing with the chargeability, the liability to be assessed and to pay the tax, the date on which the tax becomes payable, etc. ..... 27 of 1957, to mean aggregate value of the assets of a person which is in excess of the aggregate value of 'all the debts owed' by him barring certain debts. .....
Tag this Judgment!Court : Delhi
Reported in : ILR1975Delhi357; [1976]37STC356(Delhi)
..... (15) section 6 of the andhra pradesh general sales tax act, 1957 lays down that the sales tax on dcelared goods would be levied in accordance with the provisions of schedule iii to that act. ..... it was contended for the assesseds that unless the first or the last sale was itself indicated in the state sales tax act, the state sales tax act would not be in consonance with section 15(a) of the central act and that this was the meaning of the above-mentioned observation of the supreme court. ..... as laid down by the supreme court in modi spinning & weaving mills, case (supra) the rule of construction of section 15(a) of the central act with the relevant previsions of the state sales tax acts is that the provisions of the latter are subject to the restrictions imposed by the former, the two are to be read harmoncously. ..... while construing the amended section 15(a) as carrying out the intention of article 286(3) of the constitution, the supreme court observed at page 600 as follows: 'themeaning or the intention of clause (3) of article 286 is not to destroy all charging sections in the sales tax acts of the states which are discrepant with section 15(a) of the central sales act, but to modify them in accordance therewith. ..... in that case the court mentally compared section 5(2)(a)(ii) of the punjab general sales tax act, 1948 with section 5(2)(a)(ii) of the delhi act and found them substantially similar. .....
Tag this Judgment!Court : Delhi
Reported in : [1976]37STC356a(Delhi)
..... section 6 of the andhra pradesh general sales tax act, 1957, lays down that the sales tax on declared goods would be levied in accordance with the provisions of schedule iii to that act. ..... it was contended for the assesseds that unless the first or the last sale was itself indicated in the state sales tax act, the state sales tax act would not be in consonance with section 15(a) of the central act and that this was the meaning of the above-mentioned observation of the supreme court. ..... parliament showed its awareness of this state of affairs when the original section 15(a) of the central sales tax act 1956, as it existed before its amendment in 1958 laid down that the tax payable under a state sales tax law in respect of any sale or purchase of goods winch were declared to be of special importance in inter-state trade or commerce shall be levied only in respect of the last sale or purchase inside the state. ..... while construing the amended section 15(a) as carrying out the intention of article 286(3) of the constitution, the supreme court observed as follows:the meaning or the intention of clause (3) of article 286 is not to destroy all charging sections in the sales tax acts of the states which are discrepant with section 15(a) of the central sales tax act, but to modify them in accordance therewith. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1975SC657; [1975]99ITR7(SC); (1975)1SCC394; [1975]3SCR467; 1975(7)LC212(SC)
..... the explanation to the new sub-clause (iia) inserted in section 40 of the income-tax act, 1961 which section 4 of the amendment act adopts for the purposes of that section, defines 'wealth-tax' to include, inter alia, besides wealth-tax chargeable under the wealth-tax act, 1957, 'any tax of a similar character chargeable under any law in, force in any country outside india'. ..... net wealth as denned in section 2(m) of the wealth-tax act, 1957 means, broadly, the aggregate value of all the assets, wherever located, belonging to the assessee minus the total amount of the debts, with certain exceptions, owned by him. ..... the only contention raised before us on behalf of the revenue was that the nature of the tax paid by the assessees in japan an their business assets is similar to the wealth-tax payable under the wealth-tax act, 1957. ..... from an examination of the provisions contained in book four of the japanese statute, it appears to us that there is a basic difference between the wealth-tax act, 1957 and the local tax law of japan. .....
Tag this Judgment!