TMI - 209646 - RAJASTHAN HIGH COURT

Commissioner of Wealth Tax Versus Ratan Prabha

Valuation of property - Profit capitalization method or Valuation method (land/building method) - Held That:- When revenue has accepted the decision of the Tribunal in the case of assessee itself for the Assessment Years 1976-77 to 1980-81 then there......

TMI - 208830 - Madhya Pradesh High Court

Meghji Girdhar (HUF) Versus Commissioner of Wealth Tax

Gold - an asset belonging to the assessee on the relevant valuation date and the value includible in the net wealth of the assessee – Held that:- 66 kgs. of gold has not been returned to the assessee nor the same could be recovered by the police. No ......

TMI - 208791 - ALLAHABAD HIGH COURT

Commissioner of Income-tax Versus Sahara India Savings Corpn. Ltd.

Value of the properties - The value of the immovable property, as business asset of the assessee has to be taken in accordance with rule 3 of Part B in Schedule III appended to the Wealth-tax Act. It is only if any condition under rule 8 is satisfied......

TMI - 208067 - Kerala High Court

Commissioner of Wealth-tax Versus John L. Chackola

Maintainability of the appeals - question of law - maintainability of the appeals with reference to Instruction No. 2 of 2005 which in exception clause (3) provides for entertaining of appeals below the tax effect if the question of law involved is s......

TMI - 207799 - DELHI HIGH COURT

Commissioner of Wealth-tax Delhi-II Versus MG Builders Co.

Computation of fair market value of let out property- interest at 14% on security deposit added to annual rent to compute fair market value of property- Held that:- Schedule III, Rule 5 states that where an owner has accepted an amount or deposit, no......

TMI - 207740 - Punjab and Haryana High Court

Rockman Cycle Industries Ltd. Versus Commissioner of Wealth Tax and Anr.

Agricultural land for industrial purpose - permission to change of the land use for industrial purpose was granted by the Department of Town and Country Planning, on 26th July, 1995 - assessing authority included the value of the plots while assessin......

TMI - 207511 - Punjab and Haryana High Court

Brijmohan Lal Trust No. 1 Versus Commissioner of Wealth Tax

Assessment of trust - assessment u/s 21(1) or u/s 21(4) of the wealth tax act - Shares of the beneficiaries of the trust - shares are held by trustees appointed under a Trust - held that:- shares of the beneficiaries of the trust were known and deter......

TMI - 207109 - ITAT, New Delhi

ACWT Versus Sahara India Savings and Investment Corpn. Ltd.

Penalty u/s 18(1)(c) - Tax evasion - Ignorance of law - it will be seen that there is no concealment vis-ŕvis wealth assessed and wealth returned and only the concealment is confined to non-filing of the return of wealth for the first time as mention......

TMI - 207078 - CALCUTTA HIGH COURT

I. K. Agencies Pvt. Ltd. Versus Commissioner of Wealth Tax, Kol-III

Re-assessment u/s 34 (l) (a) - whether a notice of reopening of the assessment is valid when the notice has not been given to the real assessee or an assessee who was not in existence at the time of issue - While, the authorities below totally overl......

TMI - 207046 - Karnataka High Court

Commissioner of Wealth-tax, Mangalore Versus Manipal Hotel & Restaurant Management College Trust

Exemption from payment of wealth tax u/s 5(1)(i) of the Wealth Tax Act - trust deed executed by Medical Relief Society of South Canara Manipal - sponsor and provide educational facilities for catering courses - Trust executed a deed in favour of the ......

TMI - 207016 - HIMACHAL PRADESH HIGH COURT

Commissioner of Wealth Tax Versus. M/s.H.P. Small Industries & Export Corp.

Whether land is occupied by the assessee or it is leased out - Apex Court in Commissioner of Income-Tax vs. Podar Cement Pvt. Ltd. and others, (1997 -TMI - 5598 - SUPREME Court) - assessee was deriving rental income and collecting the same which itse......

TMI - 206984 - Punjab and Haryana High Court

Raja Malwinder Singh Versus Commissioner of Wealth-tax

Order of the tribunal - recall of earlier oder - rectification - Valuation of residential property - Classification - appellant is an individual and belongs to the royal family of Maharaja Ranjit Singh of Patiala - held that:- Tribunal has not procee......

TMI - 206950 - DELHI HIGH COURT

COMMISSIONER OF WEALTH TAX Versus CHELSFORD CLUB LTD.

Urban land - Value of land - Rs.847/- or Rs.2,77,64,000/-. right in land - assessee could use the land in issue and the buildings constructed thereon only for the purposes of a club. The permission that was granted was only qua the assessee. The per......

TMI - 205476 - DELHI HIGH COURT

COMMISSIONER OF WEALTH TAX VERSUS SOHNA FORGE PVT. LTD.

Benefit of Section 2(ea) of the Wealth Tax Act, 1957 - assessee had been allocated land in question at Plot No.14/6, Site-IV, Sahibabad Industrial Area, Ghaziabad on 99 years lease by Uttar Pradesh State Industrial Corporation for its business - asse......

TMI - 205454 - ITAT, COCHIN

Vijay Harshen Versus Assistant Director of Wealth-tax, International Taxation, Trivandrum

Assets U/s 2(ea)(v) - 'urban land' or agricultural land - Assessee claiming to be a 'local authority' in terms of the Explanation to section 10(20), i.e., as amended, in view of being constituted under section 53A of the Town Planning Act, 1108E. The......

TMI - 205213 - MADRAS HIGH COURT

The Commissioner of Income Tax Versus M/s.Simpson & Co.,

Reassessment u/s 17 of Wealth Tax Act - Reference to Valuation officer - It is an admitted fact that the assessee had returned its income and the materials were also placed before the Wealth Tax Officer at the time of the original assessment; thereby......

TMI - 204507 - ITAT, DELHI

ACIT Versus Sahara India Savings & Investment Corporation Ltd.

Penalty u/s 18(1)( c) of the Wealth-tax Act, 1957 - For the years under consideration, no voluntarily return of Wealth-tax was filed by the assessee company - The assessee is aware about the position that sec. 40 of the Finance Act, 1983 has been abo......

TMI - 204323 - Allahabad High Court

Commissioner of Income-tax Versus Sahara India Savings Corporation Ltd.

Provisions of rule 14(2)(b) - The immovable property (land) being business asset of the assessee - The value of the immovable property, as business asset of the assessee has to be taken in accordance with rule 3 of Part B in Schedule III appended to ......

TMI - 203993 - ITAT MUMBAI

Cravatex Ltd. Versus Addl. CIT

Assets - Whether the immovable property owned by the Assessee can be included in the net wealth of the Assessee? - Held that: - the Assessee had given the property on lease and therefore it cannot be said that he was in occupation of the property for......

TMI - 203435 - PUNJAB AND HARYANA HIGH COURT

Commissioner of Wealth-tax Versus Shri Charanjit Singh (HUF)

Agricultural land - beyond municipal limits - the land measuring 66 kanals 2 Maras is situated beyond the notified distance of 3 kms from municipal limit and as such it is not asset chargeable to wealth-tax with in the meaning of clause (ea) of secti......