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Refund claim denied - period of limitation - cause of action arose only on 15/11/06, when they paid for the second time as a result of audit objection - refund claim is withing period - Tri Rejection of Refund claim – appellant filed under protest letter on 7.1.1987. - after two days they filed six nos. classification lists - thus, the under protest letter has no effect in the eye of law - Tri An educational qualification recognized by law will not cease to be recognized by law merely because for practicing in the field to which the qualification relates, a further examination held by a body regulating that field of practice is to be taken. - HC Fulfillment of export obligation – it is not open to the customs authorities to presume that extension of the LOP would be granted by the Development Commissioner to facilitate evasion of duty. - HC Merely because the CIT is having a different view, the same would not entitle him to initiate revision proceedings u/s 263, if the view taken by the assessing officer is one of the possible views. - Tri Repayment of capital balance in cash would not attract the provisions of sec. 269T since it does not constitute loan or deposit. - Tri Penalty u/s 271E - violation of sec. 269T - the interest amount and the principal amount were paid in two different occasions - each amoount less then Rs. 20,000 - No penalty - Tri Disallowance under section 14A required finding of incurring of expenditure and where it was found that for earning exempted income no expenditure had been incurred, disallowance under section 14A could not stand. - Tri Disallowance u/s 40(a)(ia) - non deduction of TDS - If the element of income cannot be established, provisions of section 40(a)(ia) cannot be invoked - Tri Gift of immovable property - assessee's brothers and mother have gifted their 1/8th undivided share - very heavy burden lies on the department to prove that it is not the real one - Tri Addition on account of negative stock - The quantitative details as submitted duly explained that there was no negative stock in any of the month. - Tri Rate of tax on the sale of Copper Wire Bars and Copper Cathods - whether would be charged and retained @ 4% or 1% - chargeable at 1%. - HC Appeal u/s 483 – modification sought by the appellant is against the fabric of the Scheme and in the domain of modifications of the Scheme and not of modification for working of the Scheme. - non-compliance of Section 2(19AA), would not render the Scheme unworkable. - HC Since the Director of the appellant-company was actively involved in the day to day activity of the appellant-company penalty on him under Rule 26 has been correctly imposed. - Tri In absence of direct or indirect involvement of the Managing Director in the clandestine removal of the goods no personal penalty under Rule 26 is imposable on him. - Tri Cenvat Credit denied - galvanization does not amount to the manufacture - The duty paid on the G.P. Coils etc., is more than Cenvat Credit taken and needs to be adjusted against the demand of the Cenvat Credit. - Tri Extended period of limitation - in cases of intention to evade duty relevant date for computation of extended period for show cause is the date of knowledge - Tri Rejection of transaction value and enhancement of assessable value has to be on the basis of some evidences on record. - NIDB data cannot be made the basis for enhancement of value - Tri    Left Stop Right
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Wealth tax
Showing 1 to 15 of 3291 Records

    2013 (5) TMI 262 - ITAT AMRITSAR

    Sh. Jaswinder Singh Versus The Wealth Tax Officer, Jalandhar

    Levy of Wealth tax on agricultural land - Reopening of assessment - Held that:- Levy of wealth tax on agricultural land situated in urban areas or within specified distance of municipal limit has been decided in the case of Tara Singh vs. DCWT (2005 ......

    2013 (5) TMI 61 - ALLAHABAD HIGH COURT

    R. L. Sharma Versus Commissioner, Income Tax/Wealth Tax And Others

    Waiver application u/s 31(2A) of the Wealth Tax Act disallowed - Held that:- It can safely be held that the assessee has co-operated in the assessment proceedings & the business of the assessee has almost been shut down and the assessee is highly in ......

    2013 (4) TMI 587 - ALLAHABAD HIGH COURT

    Smt. Rekha Kesarwani And 19 Others Versus Deputy Commissioner of Wealth Tax

    Assessment orders illegal or without jurisdiction or null and void as a wrong section finds mention in the impugned assessment orders - Held that:- As from the photostat copies of the impugned assessment orders and challans it appears that there is o ......

    2013 (4) TMI 152 - ALLAHABAD HIGH COURT

    M/S Arun Kumar Swarup & Sons Versus Commissioner of Wealth Tax

    Co-owners - Valuation as per Rule 1-BB of Wealth Tax Rules, 1957 - valuations of residential house, kitchen, servants' quarters, garages, godown and cowshed at Sukhbir Sinha Park - Held that:- In view of the decision of Apex Court in the case of Comm ......

    2013 (4) TMI 50 - KERALA HIGH COURT

    THE COMMISSIONER OF WEALTH TAX, THIRUVANANTHAPURAM. Versus ASSOCIATED INDUSTRIES (P) LTD. KOLLAM.

    Deduction under 2(m) of the Wealth Tax Act - The assessee company borrowed loans from the directors for the purpose of discharging bank loans and releasing mortgage over the land - Held that:- On going through the provision of the definition clause o ......

    2013 (3) TMI 570 - MADRAS HIGH COURT

    M/s. Sova (P) Ltd., Versus The Deputy Commissioner of Wealth Tax Special Range II Coimbatore

    Rectification u/s 35 of wealth tax act - mistake apparent from the record - held that:- when on the admitted fact that the claim of loss and non-declaration of dividend itself was made long after the revised assessment order and it never formed part ......

    2013 (3) TMI 474 - ITAT COCHIN

    Ms. Anjana Mohan Versus The Deputy Commissioner of Wealth-Tax,

    Urban land U/s 2(e)(a) of the Wealth Tax Act - Notices u/s. 17 - Sale consideration as the value of their portion of land - Valuation – Held that:- The market value is nothing but a price that may be agreed by a willing seller and a willing purchase ......

    2013 (3) TMI 360 - ALLAHABAD HIGH COURT

    Commissioner of Welath Tax And Another Versus Shri Devendra Verma

    Initial compensation, enhanced compensation and interest - whether the right to compensation is an asset includable in the Net Wealth? - matter relates to the assessment year 1985-86 - Held that:- As decided in Commissioner of Income Tax vs. Mehtab ( ......

    2013 (2) TMI 514 - JHARKHAND HIGH COURT

    SRI GYAN CHAND JAIN Versus COMMISSIONER OF WEALTH TAX, BIHAR(II), RANCHI

    Addition of Rs.23,59,461 made up to the AY 1971-72 as extra income of the appellant available for purposes of taxation under the Wealth Tax Act? - contention of the petitioner that the assessment of income of the petitioner was based on the assessmen ......

    2013 (2) TMI 248 - MADRAS HIGH COURT

    The Commissioner of Wealth-tax Tamilnadu Nadu-I, Madras. Versus M/s. Kumudam Printers Pvt. Ltd.

    Exemption from wealth tax - property used by Director, Manager and Secretary as residential accommodation – Allotted the premises at Door No.20 to the Managing Director for being used as residence – Held that:- A careful reading of the provisions in ......

    2013 (1) TMI 608 - SUPREME COURT

    Satya Nand Munjal Versus Commissioner of Gift Tax

    Gift tax on the value of the bonus shares - fundamental question before the High Court in [2002 (5) TMI 42 - PUNJAB AND HARYANA HIGH COURT] that whether there was in fact a gift of 14,000 bonus shares made by the assess to the transferee? - reopening ......

    2012 (11) TMI 45 - ITAT, AHMEDABAD

    Rajal Investment Co.Pvt. Ltd. Versus The Wealth Tax Officer Ward-5(3) Ahmedabad

    Right of user charges - Addition to wealth - property in question consisting of jewellery and silver vessels - Held that:- A.O. rightly denied the deduction towards Right of user of Rajal. Following the decision of the Tribunal in assessee’s own case ......

    2012 (10) TMI 375 - ALLAHABAD HIGH COURT

    Commissioner of Income Tax Versus G. P. Gaur

    Date of valuation of shares - Whether the Tribunal was right in law in holding that the value of shares must be taken at the rate quoted the lowest in any of the stock exchange situated in the country though the assessee was assessed to tax elsewhere ......

    2012 (10) TMI 338 - MADRAS HIGH COURT

    Commissioner of Wealth Tax, Chennai Versus N. Thanu

    Income received in advance is an Asset or not – Assessee is running a tutorial institute. As regards the fee received from students, it is stated that the assessee charged the full fee for the entire course of study which ran to different years. Ques ......

    2012 (10) TMI 162 - ITAT PUNE

    Gangadhar D. Kshirsagar Versus DCWT, Central Circle 1(1), Pune

    Whether cash seized and was deposited in PD account with CIT, liable to includible in Wealth of assessee – Assessee argued that this amount was declared as income in subsequent year and the assessee had paid the tax, therefore, the same cannot be inc ......

   
 
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