Court : Supreme Court of India
Reported in : (1981)25CTR(SC)406; [1982]133ITR239(SC); (1981)4SCC675; [1981]1SCR947; 1982(14)LC12(SC)
..... section 4 states that the fact that one has subscribed to or otherwise acquired the bonds shall not be taken into account in any proceeding under the income-tax act, 1961, the wealth-tax act, 1957 and the gift-tax act, 1958 and goes on to provide specifically that no one shall be entitled to: (a) any manner of relief under the income-tax act on the ground that he has acquired the bonds; or (b) claim that any asset belonging to him which formed part of his net wealth in any ..... section 8 confers powers on the central government to make order removing any difficulty which may arise in giving effect to the provisions of the act and section 9 sub-section (1) repeals the ordinance, but since the act is brought into force with effect from the date of promulgation of the ordinance, sub-section (2) of section 9 provides that notwithstanding the repeal of the ordinance, anything done or any action taken under the ordinance shall be deemed to have been done or taken under the corresponding provisions of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)8ITD537(Kol.)
..... (2) where a declaration under sub-rule (1) is made in respect of net wealth, or includes any declaration in respect of net wealth, for any assessment year or years, the declaration shall be accompanied by a return of net wealth for such year or years in the form prescribed under section 14 of the wealth-tax act, 1957(27 of 1957).the rule requires that the declaration in form 'c in an approprite case should be accompanied by a return of net wealth in the form prescribed under section 14 of the act. ..... section 19 similarly confers powers on the cbdt to remove difficulties in giving effect to the provisions of the 1976 act, provided the orders passed by the cbdt under the said section are not inconsistent with the provisions of the 1976 act. 4. ..... it was perhaps faced with this difficulty that the assessee's learned counsel took the stand that the return of net wealth filed under sub-rule (2) of rule 5 was not return of wealth under the act; it was merely 'in the form prescribed under section 14 of the act' and that if the sub-rule intended that the return of net wealth be filed under the act, it could have straightaway said so, rather than using the roundabout expression. ..... on the other hand, section 15(4) if understood in the manner we have indicated, the situation which may arise is easily avoided and there will be no difficulty in reconciling the provisions of the 1976 act and the 1957 act. .....
Tag this Judgment!Court : Gujarat
Reported in : (2003)183CTR(Guj)364; [2003]262ITR146(Guj)
..... the provisions of sections 154 and 254(2) of the act, section 35 of the indian income-tax act, 1922, section 35 of the wealth-tax act, 1957, and section 13 of the companies (profits) surtax act, 1964, are ..... when he made the assessment order had no material bearing on the question whether the said order discloses any mistake apparent from the record and was liable to be rectified under section 35 of the wealth-tax act, 1957. ..... appeal, when the petitioner came to know subsequently about a decision of the tribunal allowing such a claim in some other case, the petitioner applied to the assessing officer for rectifying the assessment order under section 35 of the wealth-tax act, 1957. ..... on its own motion or on an application by a party under section 254(2) of the act;(b) an order on appeal would consist of an order made under section 254(1) of the act or it could be an order made under sub-section (1) as amended by an order under sub-section (2) of section 254 of the act;(c) the power of rectification is to be exercised to remove an error or correct a mistake and not for disturbing finality, the fundamental principle being, that power of rectification is for justice and fair play ;(d) that power of rectification can be exercised even if a mistake is committed by ..... the real difficulty with reference to this matter, however, is not so much in the statement of the principle as in its application to the facts of ..... applicability to the facts and circumstances of a case which raises difficulties. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]243ITR509(Mad)
..... 89 of 1994 is set out as under :'whether, on the facts and in the circumstances of the case, the appellate tribunal is right in law in valuing the entire property by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to hindu undivided family at rs. ..... the appellate authority and the tribunal have held that section 7(4) of the wealth-tax act is the appropriate provision to be applied for valuing the land and building. ..... 6,53,054 by applying the provisions of section 7(4) of the wealth-tax act and thereby fixing the value of the land belonging to the hindu undivided family at rs. ..... the income-tax officer had sought to value the land and building separately by applying rule 1bb while the assessee invoked section 7(4) of the wealth-tax act, as it then stood, as the building was used by him as a residential house and had been so used by him in the 12 months immediately preceding the assessment year. ..... house, the superstructure of which is owned by the assessee in his individual capacity and the land on which the building stands is owned by the assessee as karta of the hindu undivided family could be valued by applying the provisions of section 7(4) of the wealth-tax act ?'5. ..... to put up a residential building thereon, and that building has been assessed as an asset belonging to him as an individual, while the land on which it is constructed has been assessed as an asset of the hindu undivided family for the purpose of wealth-tax. .....
Tag this Judgment!Court : Gujarat
Reported in : (1963)0GLR741
..... this reference under section 27(1) of the wealth-tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7of the wealth-tax act which have been argued with considerable vigour and ability by both the sides. ..... section 7(1) does not present any difficulty as it provides for the valuation of any asset other than cash and lays down that the same shall be estimated 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. ..... counsel says that in this case those factors could not be present, because the law society, by virtue of the act and certain regulations made thereunder, had the power of exercising their discretion in various ways and of exercising it solely at some future time, and counsel says that in those circumstances this cannot be an existing debt. ..... it may be that, by reason of the regulations, and by reason of certain provisions of the act, the law society have power to deduct further sums from that money in exercise of some charge which they may have arising from the regulation, but that is merely a question of ascertaining the debt which has to be paid over to the assisted ..... . no doubt there is a power given to the income-tax officer to make such adjustments as the circumstances of the case may require .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1997SC4074; [1998]229ITR1(SC); JT1997(8)SC585; 1997(6)SCALE540; (1998)1SCC384; [1997]Supp4SCR626
..... section 8 of the wealth tax act provides that the income tax authorities specified under section 116 of the income tax act shall be the wealth tax authorities for the purposes of the wealth tax act and every such authority shall exercise the powers and perform the functions of the wealth tax authority in respect of any individual, hindu undivided family or a company, and for this purpose his jurisdiction shall be the same as he had under the income tax act by virtue of orders or directions issued under section 120 of that act or under any other ..... mammed kayi, : [1981]129itr307(sc) in that case, the question was whether mapilla marumakkathayam tarwards of north malabar -- muslim undivided families governed by the marumakkathayam act (madras act 17 of 1939) -- fell within the expression 'individual' and were assessable to tax under section 3 of the wealth tax act, 1957.24. ..... of law was answered in the affirmative and in favour of the assessee:'whether on the facts and in the circumstances of the case, the appellate tribunal has been right in law in holding that the assessee is not liable to wealth tax under the wealth tax act, 1957 for the assessment year in question?'2. ..... on the basis of the reasoning given in the case of venugopala (supra) this court had no difficulty in holding that having regard to the legislative history of revenue laws, mapilla tarwad had to be assessed to tax as an 'individual'.29. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR1964Guj154; [1964]52ITR482(Guj)
..... this reference under section 27(1) of the wealth tax act, 1957, raises some interesting and important questions relating to the construction of section 2(m) and section 7 of the wealth tax act which have been argued with considerable vigour and ability by both the sides. ..... section 7(1) does not present any difficulty as it provides for the valuation of any asset other than cash and lays down that the same shall be estimated 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. ..... counsel says that in this case those factors could not be present, because the law society, by virtue of, the act and certain regulations made thereunder, had the power of exercising their discretion in various ways and exercising it solely at some future time, and counsel says that in those circumstances this cannot be an existing debt. ..... it may be that, by reason of the regulations, and by season of certain provisions of the act, the law society have power to deduct further sums from that money in exercise of some charge which they may have arising from the regulation, but that is merely a question of ascertaining the debt which has to be paid over to the assisted ..... . no doubt there is a power given to the income-tax officer to make such adjustments as the circumstances of the case, may require .....
Tag this Judgment!Court : Delhi
Reported in : AIR1991Delhi325
..... not helpful to the case of the defendants in view of the admissions made by the defendants in their income-tax and wealth tax matters which clearly show that their contribution was not more than one- fourth share in any event. ..... judgment is not applicable to the facts of the present case because admittedly the defendants have filed the income-tax and wealth-tax returns which contain the admission regarding their shares and the contribution made by them towards requiring of the property ..... he has contended that the income-tax assessment orders and wealth- tax assessment orders which are based on the income-tax and wealth-tax returns filed by the parties are not ..... their own separate business and they were themselves filing the returns of income.tax and wealth-tax in which they set up only one-fourth share each for themselves. ..... partnership business showing that any amount had been withdrawn by chiranjilal or any amount bad been contributed towards the construction of the house he admitted that he and his wife are assessed to income-tax and wealth-tax since 1964 and they have been filing the income ..... he has also contended that that copies of the income-tax assessment orders are not admissible in evidence: (11) section 45 of the transfer of property act lays down that where immovable property is transferred for consideration to two or more persons and such consideration is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]170ITR181(AP)
..... , is that the tribunal was in error in holding that the assessment orders under the wealth-tax act for the assessment years 1966-67 to 1973-74 were made 'on a protective basis'; on the other hand, the said assessments were made on a regular basis, accepting the wealth returned by the assessee, and that the said assessment orders under the wealth-tax act completely and fully explain the investments during the accounting year relevant to the assessment year ..... the assessee filed a further appeal before the income-tax appellate tribunal before the tribunal, the assessee contended that in the assessments made under the wealth-tax act for the earlier assessment years, the wealth returned by him has been accepted by the wealth-tax officer, which clearly shows that the assessee possessed substantial wealth from year to year, and which also shows that the investments made were not our of any unexplained ..... be the principle contended for is unobjectionable ; but, there is no material in this case, nor was any material placed by the assessee before the tribunal, to show that tax assessed under the wealth-tax act for the earlier assessment years has been collected by the revenue. ..... filing of the returns suddenly on october 9 and 10, 1974, was the result of a notice issued under section 139(2) by the income-tax officer on september 25, 1974, for the assessment year 1974-75. ..... questions are stated for our opinion by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961. .....
Tag this Judgment!Court : Kerala
Reported in : [1988]169ITR84(Ker)
..... the power of the appellate assistant commissioner under the wealth-tax act is as wide as it is in the case of his counterpart under the income-tax act, 1961 : (see section 23 of the wealth-tax act, 1957, and sections 250 and 251 of the income-tax act, 1961). ..... sub-section (5b) of section 23 of the wealth-tax act, 1957, and sub-section (6) of section 250 of the income-tax act, 1961, are identical. ..... it is claimed that a portion of this wealth is held under trust for charitable or religious purposes and is, therefore, exempt from the levy of wealth-tax under section 5(1)(i) of the wealth-tax act, 1957 (the 'act'). ..... according to me, this was the intention of the legislature when in enacting the wealth-tax act, 1957, it omitted the use of the word ' wholly ' as a qualifying word as regards the requirements concerning the objects of the trust when a similar word was to be found in section 4(3)(i) of the indian income-tax act, 1922.'24. ..... --for the removal of doubts, it is hereby declared that the price or other consideration for which any property may be acquired by or transferred to any person under the terms of a deed of trust or through or under any restrictive covenant in any instrument of transfer .....
Tag this Judgment!