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Wealth-tax - Case Laws

Showing 1 to 20 of 3451 Records

  • 2016 (8) TMI 351 - GUJARAT HIGH COURT


    Urban land - ITAT held that urban land as defined in clause (b) of Explanation 1 to Sec.2(ea) of the Wealth Tax Act does not include any right or interest that a person may be having in the urban land otherwise than by way of actual ownership - Held ... ... ...

  • 2016 (8) TMI 232 - GUJARAT HIGH COURT


    Nature of asset - ITAT held that the properties at Worli, Mumbai owned by the assessee was outside the purview of the asset because this property was commercial property, ignoring the fact that sub-clauses (4) and (5) of clause (i) of Section 2(ea) w... ... ...

  • 2016 (8) TMI 131 - GUJARAT HIGH COURT


    Asset within the meaning of Section 2-E(a) of the Wealth Tax Act - interpreting the phrase Commercial Establishment or Complexes - Held that - considering the decision of this Court in the case of Vasumatiben Chhaganlal Virani (2013 (9) TMI 957 - GUJ... ... ...

  • 2016 (7) TMI 900 - MADRAS HIGH COURT

    The Commissioner of Income Tax Versus M.S Ideal Garden Complex Pvt. Ltd.

    Applicability of Circular No. 1979 dated 27.03.2000 - excess liability allowed by mistake and rectified under Section 35 of the Wealth Tax Act - Tribunal ordered as no exceptional circumstances as provided in the above said circular was pointed out b... ... ...

  • 2016 (7) TMI 659 - ITAT AHMEDABAD

    Wealth Tax Officer, Ward-1 (2) (5) , Ahmedabad Versus Pannalal Baijnath Jaiswal

    Wealth tax assessment on the properties owned by the assessee - as assessee s contention that the properties cannot be considered to be an asset within the meaning of term asset as wealth defined under Wealth Tax Act - Held that - We find that the ld... ... ...

  • 2016 (7) TMI 464 - ITAT PUNE

    DCWT, Circle-2, Jalgaon Versus Shri Manoj Bansilal. Biyani

    Penalty leviable on the mortgaged assets claimed by the assessee as exempt u/s.2(m) of the W.T. Act - denial of deduction u/s.2(m) of the Act on account of mortgaged assets - Held that - Tribunal in batch appeal has already deleted such addition/disa... ... ...

  • 2016 (7) TMI 422 - ITAT VISAKHAPATNAM

    Devineni Avinash Versus WTO, Ward-2 (3) , Vijayawada

    Nature of land - whether the land held by the assessee is an urban land coming within the definition of asset as per section 2(ea) of the Act or is a stock in trade, which is kept outside the definition of asset? - Held that - The assessee has filed ... ... ...

  • 2016 (7) TMI 50 - GUJARAT HIGH COURT


    Net wealth - whether the land on which the building was under construction is to be included in the net wealth for the purpose of charge of wealth tax u/s.2(ea) and was not excluded u/s.40 clause (v) r.w explanation 1 ? - Held that - Tribunal was jus... ... ...

  • 2016 (6) TMI 471 - ITAT AHMEDABAD

    The ACIT, Kheda Circle, Nadiad Versus Shri Rameshbhai Babulal Shah

    Escapement of wealth chargeable to tax - cash found in excess of ₹ 50,000/-, being the limit prescribed under Wealth Tax Act, 1957 - Held that - Revenue s submission that since the cash balances are in excess of the limit prescribed under Wealt... ... ...

  • 2016 (6) TMI 448 - ITAT KOLKATA

    Shri Bimal Kumar Nopany Versus W.T.O, Ward 56 (4) , Kolkata

    Penalty imposed u/s 18(1)(c) of the W.T Act - concealment of wealth for not filing the W.T return voluntarily - Held that - In the present case, The AO must have found that that the assessee concealed his particulars of any asset or furnished any ina... ... ...

  • 2016 (6) TMI 360 - ITAT KOLKATA

    Smt. Rita Sur, Kolkata Versus I.T.O., Ward-44 (1) , Kolkata

    Penalty on the assessee u/s 18(1)(c) of the Wealth Tax Act - Held that - The show cause notice u/s. 18(2) of the Act is defective as it does not spell out the grounds on which the penalty is sought to be imposed. Following the decision of the Hon ble... ... ...

  • 2016 (5) TMI 1246 - ITAT AMRITSAR

    Mrs. Raminder Kaur, W/o Late Major Parkash Singh, M/s Alep Parkash Singh, Ms. Nirmita Bilimoria, Ms. Jyoti Parkash, Ms. Nirlep Sohal Versus The Dy. Commr. of Wealth Tax, Range-III, Jalandhar.

    Agricultural lands within the Urban agglomeration or within the notified area limits - whether would not falll within the Scope & Domain of the terminology Asset as contemplated u/s 2(ea)(v) of the W.T.Act, 1957? - Held that - The legislature has... ... ...

  • 2016 (5) TMI 1056 - ITAT KOLKATA

    M/s. Gentex Merchants Private Limited Versus W.T.O, Ward 8 (4) , Kolkata

    Scope of Assets u/s 2(ea) of Wealth Tax Act, 1957 - inclusion of residential building let out and only for brief period the property was vacant - Letting out period is less than 300 days - Held that - It could be appreciated that the asset which was ... ... ...

  • 2016 (5) TMI 980 - ITAT AHMEDABAD

    WTO Sabarkantha Ward-3, Himatnagar Versus H.H. Maharaja Daljitsinghji

    Valuation of immovable properties - matter refereed to Department Valuer for determining the fair market value - Held that - While deciding the issue in favour of assessee ld.CWT(A) has given a finding that identical issue about the valuation of same... ... ...

  • 2016 (5) TMI 888 - BOMBAY HIGH COURT

    The Commissioner of Wealth Tax, Versus M/s Goa International School Pvt. Ltd.,

    Urban land - nature of land - whether any error was committed by the learned Tribunal while coming to the conclusion that the subject land is not urban land - Held that - The relevant Assessment Year in the present case is admittedly much before the ... ... ...

  • 2016 (5) TMI 841 - DELHI HIGH COURT

    Commissioner of Wealth Tax Versus Mohan Exports India P. Ltd

    Property included in net wealth - Held that - In a situation like the present one where the possession and control of the property vests with the Assessee to the exclusion of everyone else and it is the Assessee who is exploiting the property for its... ... ...

  • 2016 (5) TMI 659 - ITAT HYDERABAD

    RKS Motor Pvt. Ltd. Versus Dy. Commissioner of Wealth tax, Circle – 3 (1) , Hyderabad

    Treatment to cars used in the business of the assessee as assets for wealth tax purpose - Held that - There is no doubt the cars were used in the business, which are essential to run the business, which are applied in the business similar to plant an... ... ...

  • 2016 (5) TMI 613 - ITAT PUNE

    Ranka Jewellers Private Limited Versus DCWT, Central Circle-1 (2) , Pune

    Penalty u/s 18(1)(c) of the W.T. Act - Held that - In the instant case, although the assessee has filed the return disclosing the amount of ₹ 90 lakhs prior to issue of notice u/s.17, however, the same was already detected by the department dur... ... ...

  • 2016 (5) TMI 569 - ITAT AHMEDABAD

    Dy. Commissioner of Income Tax Versus Shri Dushyant A Dave

    Net wealth computation - exclusion of property Delhi taken on lease - that - The case made out before us is that the above stated Delhi house is on rent with the assessee and the same cannot be treated to be belonging to him. The Revenue fails to quo... ... ...

  • 2016 (5) TMI 45 - ITAT AHMEDABAD

    Chamunda Pharma Machinery P. Ltd. Versus ITO, Ward-1 (3) , Ahmedabad

    Addition of urban land to the net wealth of the appellant-company - Held that - It is assessee s contention that assessee has incurred substantial expenditure on construction of factory building and in subsequent years the business of the assessee is... ... ...

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