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........ + More
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....... + More
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........ + More
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
2018 (6) TMI 1288
Determination of net wealth liable to be taxed - Deduction in respect of loan availed by the assessee - Admission of additional evidence in respect of property at Banjara Hills, Hyderabad - Held that - During the appeal hearing, the assessee furnished evidence before the CWT(A), relating to housing loan availed by her from ICICI Home Finance Ltd. The same was not made available to the AO. In fact, the assessee had not responded to the notices iss....... + More
2018 (6) TMI 1287
Maintainability of appeal - orders passed under section 55A r.w.s. 16A(5) of the Wealth-tax Act - assessee had transferred his ancestral agricultural land and declared income from Long Term Capital Gain - appeal filed by the assessee against the order of AVO in estimating the value of property as on 01.04.1981 - Held that - The said valuation report was called for by the Commissioner of Income Tax (Appeals) during the pendency of quantum Income T....... + More
2018 (6) TMI 1203
Penalty u/s. 18(1)(c) - reopening u/s. 17 - deliberately concealed the particulars of wealth - Held that - As seen from the satisfaction recorded and the order of the AO, there is no information with AO about the wealth of assessee. It was only when AO made roving enquiries about assets held, assessee disclosed the jewellery received on gift at the time of her marriage (20-05-2003). - The explanation given was that she is not aware about the weal....... + More
2018 (6) TMI 907
Proceedings u/s 23 of the Wealth Tax Act - Asset for the purpose of wealth tax - Commercial complex - whether it is an asset? - whether house property which has been let out to a tenant would be outside the ambit of wealth tax under section 2(ea)(i)(v) of the Wealth Tax Act? -Held that - As decided in M/S. NAVIN VANIJYA PVT. LTD. VERSUS A.C.W.T., CC-IV, KOLKATA 2016 (10) TMI 278 - ITAT KOLKATA wealth tax is not levied on productive assets - The s....... + More
2018 (5) TMI 1705
Assessment of wealth tax - assessee claims that Thiruvanmiyur property can be taken as self-occupied and the Kodaikanal property can be assessed for wealth-tax - Held that - When the assessee resided at Thiruvanmiyur house and used the premises for his medical profession, it has to be construed as if the property was residential one and self-occupied. Therefore, the Thiruvanmiyur property is exempted from wealth-tax. - Coming to the Kodaikanal pr....... + More
2018 (5) TMI 1495
Deletion of addition made by AO - the land being chargeable to Wealth Tax was added in the total wealth of the assessee - Held that - the AO has treated the land shown by the assessee in its balance sheet as taxable wealth, whereas, the assessee claimed that the building was under construction on such land therefore, the same cannot be treated as taxable wealth under the Wealth Tax Act. - In the case on hand, the building under construction has b....... + More
2018 (5) TMI 2
Determining the market value of the property under wealth Tax - whether only actual rent received should be taken without including the charges collected separately towards service and maintenance? - whether amenities do not form part of the rent for the purpose of valuing the property under Wealth Tax Act? - Held that - On a perusal of the materials placed before this Court, we are prima facie satisfied that both the Appellate Authority as well ....... + More
2018 (4) TMI 1560
Exemption claimed by the assessee u/s 2(ea) of the Wealth Tax Act - land is an urban land - revenue s case is that the assessee was allotted 600 sq.yards of site which works out to 502 sq.meters and as per proviso to section 5(vi) of Wealth Tax Act, only 500 sq.meters is entitled for exemption u/s 5(vi), hence the assessee is not entitled for exemption - assessee s case is that as per the sale deed document, the impugned property of 600 sq.yards ....... + More
2018 (4) TMI 411
Treating value of freehold land as a taxable asset u/s 2(ea) - whether the freehold land held by the assessee as vacant as on the valuation date i.e. 31.3.2009 , on which the construction has been started for setting up of its office and service centre, could be stated to be used for industrial purposes , so as to fall within the ambit of definition of urban land and consequential exemption from levy of wealth tax? - Held that - The expression in....... + More
Search 
