2018 (10) TMI 1055
Net-wealth for the purpose of wealth-tax as provided in section 2(ea)(v) - inclusion of land - amendment made by the Finance Act, 2013 with regard to urban land which is basically an agriculture land, but fall within the ambit of urban municipal limit - Held that - After the amendment, such land would not be included in the net-wealth for the purpose of wealth-tax as provided in section 2(ea)(v). DR unable to controvert this finding of fact recor....... + More
2018 (10) TMI 750
Escapement of income chargeable to wealth tax - validity of reasons for issuing the notice - non filing of return under the Wealth Tax Act - Petitioner raised objections to the impugned notice mainly contending that the assessee has no net wealth and in fact, the balance-sheet shows negative capital balance - Held that - Section 17 of the Wealth Tax Act, 1957 enables the AO to assess or reassess the net wealth of the assessee by issuing notice if....... + More
2018 (10) TMI 749
Asset chargeable to wealth tax - Exemption u/s 2(ea)(i)(3) of Wealth Tax Act on share of property - commercial asset - whether asset has not fulfilled the conditions to be categorized as commercial establishment? - assessee and other co-owner had purchased a Cinema Theatre with the land and buildings appurtenant thereto - Held that - As long as the assessee owns the commercial asset, which is capable of being put to productive use, the said comme....... + More
2018 (10) TMI 685
Wealth tax assessment of land - Additions to the wealth of the assessee by refusing to accept the claim of the assessee that the five lands in four villages are exempt assets u/s. 2(ea)(v) of the Wealth Tax Act - CIT(A) has deleted the lands situated at Mysuravaripalle Village - Assessee has claimed that these lands are agricultural lands, even though situated within 8 KMs from the municipal limits but construction on these lands is not permissib....... + More
2018 (10) TMI 311
Correct fair market value of the property as on the relevant valuation date - value declared by assessee - Held that - The Special Leave Petition is dismissed. However, the question of law is left open. Pending application stands disposed of.
2018 (9) TMI 1567
Validity of re-opening the assessments of wealth - AO brought the lands situated at Akkelenahalli Mallenahalli villages under the ambit of wealth and adopting the guideline value of the lands, brought the same to tax under the Act - land is situated within 8 Km from BBMP by following Straight Line method (SLM) for measurement of distance - Held that - We find that the said issue is covered in favour of the assessee by decision of the co-ordinate ....... + More
2018 (9) TMI 1422
Wealth tax assessment - CWTA justification in deleting the addition to net wealth - Held that - There is no additional document or evidence filed by the assessee before the ld CITA. All the documents filed by the assessee more particularly the rent agreements and the name of the tenants occupying the warehouses were already part of income tax assessment records and that the income tax assessment for the very same assessment year i.e Asst Year 201....... + More
2018 (9) TMI 239
Exemption from wealth tax - whether 28 Acres of urban land comes under the ambit of the exemption clause of Section 2(ea) of the Wealth Tax Act, 1957? - person to be the owner - protective assessment - Held that - The words belonging to are of wider import and more flexible than the narrower term of ownership . - Sub-section (8) of Section 4 also permits the assets to be taxed in the hands of the Assessee, even if the asset is not yet fully de ju....... + More
2018 (8) TMI 1491
Penalty u/s 18(1)(c) of the Wealth Tax Act - concealment of particulars of wealth - assessee filed the wealth tax return only after issuance of notice u/s 17(1A) - Held that - The records placed before us shows that the allegations made by both the lower authorities is not correct, as the assessee filed the return few days before the notice issued u/s 17(1A) of the Act. The assessee voluntarily paid taxes and declared total wealth in the return o....... + More
2018 (8) TMI 994
Valuation of net wealth - unaccounted wealth on account of seized hundis - ITAT reduced the value of seized hundies by 25% while rejecting the appellant s contention that, it should be valued at ₹ 6,20,000/- - Held that - the value of asset for the purposes of this Act is to be determined strictly in terms of the provisions of this Section and not by any other mode. Rule 14 of Schedule-III of the Wealth Tax Act provides that the value of an....... + More
2018 (8) TMI 156
Properties/assets chargeable to tax as claimed under the WT Act - Understanding of the AO to bring certain transaction within the purview of the WT Act - notice u/s 17 issued to the assessee reopening the wealth tax assessment - Held that - SLP dismissed.
2018 (8) TMI 141
Royal Buggy - art work - whether the Royal Buggy in question was not exempted under section 5 (1) (xii) of the Wealth Tax Act, 1957, because, it was covered under the first proviso to clause (viii) of sub-section (1) of Section 5 of the said Act? - Held that - SLP dismissed
2018 (8) TMI 139
Royal Buggy - art work - whether the Royal Buggy in question was not exempted under section 5 (1) (xii) of the Wealth Tax Act, 1957, because, it was covered under the first proviso to clause (viii) of sub-section (1) of Section 5 of the said Act? - Held that - SLP dismissed.
2018 (7) TMI 836
Agricultural land used for agricultural purposes as held as a capital asset for the purpose of Wealth tax Act - Held that - On the similar facts, the coordinate bench of this tribunal in the case laws in the case of Devineni Lakshmi Vs. WTO Ward-2(3) 2018 (4) TMI 279 - ITAT VISAKHAPATNAM dismissed the appeal of the revenue holding that on agricultural land, no construction is permissible as per existing laws unless the agricultural land is conver....... + More
2018 (7) TMI 592
Wealth tax assessment - Whether a land in which construction is being carried on could be excluded from the definition of urban land and thus from the definition of assets as available in Section 2(ea) of the WT Act - Held that - The issue is one covered by the judgment of the Hon ble Supreme Court in Giridhar G.Yadalam v. CWT 2016 (1) TMI 826 - SUPREME COURT OF INDIA as found that only a land in which the building is completely constructed stand....... + More
2018 (7) TMI 591
Maintainability of appeal - tax effect of appeal - Held that - Instruction No.1979 dated 6.1.2005 as modified by Instruction No.1985 dated 29.6.2000 and Instruction No. 2/2005 dated 24.10.2005 would apply to filing of appeals under the Wealth Tax Act, 1957 as the CBDT Circular No.21/2015 is one issued u/s.268A of the Income Tax Act, 1961 and therefore cannot supersede a Circular which was applicable to filing of appeals under the Wealth Tax Act, ....... + More
2018 (7) TMI 144
Wealth tax assessment - Agriculture Land / stock-in-trade - AO brought the same to section 2(ea)(b) of the Wealth Tax Act on the ground that the land was converted into non-agricultural land - Held that - CWT(A) himself accepted that the land has already been converted into non-agricultural and the same has shown as stock-in-trade. Once assessee has treated the land which is in dispute is stock-in-trade, it has to be treated as business asset. Si....... + More
2018 (6) TMI 1333
Lamborghini Car for computation of wealth tax liability - ownership of the Lamborghini car was not with the assessee, therefore, the assessee was not entitled to any depreciation thereon - Held that - CWT (Appeals) has also noted that the assessee s appeal before the ITAT was decided in assessee s favour. Thus, there appears to be a contradiction in the finding recorded by the Ld. CWT (A). The Ld. AR also could not shed any light on the issue. Th....... + More
2018 (6) TMI 1332
Non appearance before the Commissioner of Income Tax (Appeals) - legitimate reason for non-appearance - Held that - Shri Fazal Muhhammad Ibrahim Khan had died during the pendency of appeal before the First Appellate Authority. The assessee/appellant is legal heir of Shri Fazal Muhhammad Ibrahim Khan and is now representing the deceased. On account of death of Shri Fazal Muhhammad Ibrahim Khan, the assessee could not appear in the other appeal as ....... + More
2018 (6) TMI 1331
Wealth escaped assessment - whether department should not have assessed the capital gains for AY. 2007-08 on the reason that possession was handed over on 01-04-2006 - Held that - We are of the opinion that the order of AO and CIT(A) cannot be sustained. It was the contention of the AO in Income Tax proceedings that assessee had indeed handed over the possession of the property as on 01-04-2006, which led to assessing the capital gains arising on....... + More
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