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 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
2018 (4) TMI 279
Valuation of vacant land at Shaikpet Village - assessee have claimed the property as exempt under section 2(ea) of Wealth Tax Act on the ground that the asset is stock-in-trade - Held that - On identical facts in the case of Shri Devineni Avinash, the same issue has come up before this Tribunal 2017 (12) TMI 480 - ITAT VISAKHAPATNAM as held that the impugned asset is not stock-in-trade as claimed by the assessee - The asset is not a commercial as....... + More
2018 (4) TMI 207
Constitutional validity of Section 40(3) of Wealth Tax Act - as submitted that Section 40(3) is unconstitutional as it brings to tax all lands and buildings (to the extent not used for the purposes of the business) owned by a company in which public are not substantially interested, as it has no relation to the object of the Act - Held that - Section 40(3) of the Act bringing to tax land and building which is not used for business purposes by com....... + More
2018 (3) TMI 1471
Levy of interest u/s 17B in respect of the period between the due date and the date of the notice u/s 17 - date of filling Wealth tax return - Held that - Considering the facts and circumstances of the present case, we are of the considered view that the assessment made for the assessment years 2007-08 and 2008-09 is made for the first time under Section 17, the same is a regular assessment and therefore attracts Section 17B(1) of the Act and not....... + More
2018 (3) TMI 1364
Wealth tax assessment - whether loose pearls and stones are also includible in the definition of assets? - Held that - As per the definition of jewellery in the Wealth Tax Act jewellery includes precious stones and semi-precious stones including the loose items not embedded in jewellery. CIT(A) examined the definition of the gemstones in internet and held that loose pearls and stones are also includible in the definition of assets. AR submitted t....... + More
2018 (3) TMI 814
Wealth tax assessment - ITAT directing the AO to disregard the recent valuation report and adopt old valuation report - current valuation of the assets was available with the assessee at the time of filing of Wealth Tax return - Valuation of jewellery - Held that - A conjoint reading of the Rules require valuation of all assets; furthermore, the valuation operates not on a year to year basis but for a four year cycle. The only exception made out ....... + More
2018 (3) TMI 813
Assets taxable under the provision of Wealth Tax Act - addition of the properties in the net wealth on the basis of statement recorded u/s.132(4) of the Income Tax Act, 1961 - Held that - The assessee in his statement admitted that investments in the movable and immovable properties listed above are made out of undisclosed income. AR has reiterated the fact that the assessee has financed for purchase of assets in the name of his wife and nephews........ + More
2018 (3) TMI 595
Penalty invoking Explanation-3 to Section 18(1)(c) of WT act - unaccounted assets / income unearthed in search / survey action - Held that - The return of wealth tax filed by the assessee got triggered only due to search / survey action carried out by the department wherein unaccounted assets / income was unearthed. The assessee never filed return of wealth for the impugned AY before the search / survey action despite having taxable wealth. There....... + More
2018 (3) TMI 488
Addition to net wealth - cash seized from the Assessee and kept in PD account of the Commissioner of Income Tax cannot be considered as cash-in-hand in the hands of the Assessee for computation of his net wealth under Wealth Tax Act, 1957 - Held that - Once it has held that amount deposited in a Bank in PD Account of the Commissioner of Income Tax, is not cash in hand, but cash in bank, then it cannot be added to the net wealth of the Respondent........ + More
2018 (3) TMI 86
Wealth Tax Act provision applicability - question of attracting Deemed Gift provision under Section 4(1) of the Gift Tax Act - Given that M/s Dua Engineering Pvt. Ltd. merely held investments in the industrial plot, at a value that was at the book value, the CIT (A) felt that it needed to be treated as an industrial investment company and proceeded to do so. This approach was affirmed by the ITAT - Held that - In the opinion of this Court both th....... + More
2018 (2) TMI 1543
Penalty imposed u/s 18(1)(c) of Wealth Tax Act - furnishing of inaccurate particulars of net wealth - invalid notice - Held that - Though the CWT(A) has issued the show cause notice stating that the assessee was required to explain the reasons for furnishing inaccurate particulars, concealment of wealth, it was not clearly made known for which offence the assessee is required to submit his explanation. The Ld.CWT(A) should have struck off the irr....... + More
2018 (2) TMI 736
Determination of net-wealth for the purpose of Wealth Tax Act - Held that - Sub-section 2 of section 50C provides a remedy to the assessee in case he has aggrieved with adoption of such sale consideration on the basis of deeming provision. He can file a reference to the AO and the AO shall send the reference to the DVO for determining fair market value of the property on the date of transfer. Thus, it cannot be taken as gospel truth. - The assess....... + More
2018 (2) TMI 63
Determination of net wealth - correctness of valuation adopted by the AO - Scope of remand by the ITAT to the WTO - Held that - Remand by the ITAT to the WTO in this case was with respect to the question of valuation. At the stage when the WTO decided on the valuation, the final report of the DVO was not available. In the circumstances, the ITAT remanded the matter only on that aspect. In the circumstances, the findings rendered by the WTO could ....... + More
2018 (1) TMI 1250
Correct fair market value of the property as on the relevant valuation date - value declared by assessee - Held that - As decided in CIT Vs. Akshay Textiles and Agencies Pvt. Ltd. 2007 (10) TMI 251 - BOMBAY HIGH COURT annual letting value has to be determined on basis of annual rent received by the assessee and not what has been received by its tenants from the ultimate users. The emphasis placed upon expression rent received or receivables in ex....... + More
2018 (1) TMI 720
Valuation - yeast - whether the yeast cleared in pack from the factory appearing a marking for industrial use only and specially made for bakery industry only will be assessable under Section 4 or Section 4A of the Central Excise Act, 1944? - Held that - for the product which are exempted under Rule 34 of the provisions of Standard of Weights and Measures (Packaged commodities) Rules, 1977, there is no need to affix the MRP on the product. - In t....... + More
2018 (1) TMI 34
Wealth tax assessment - treatment to agricultural land - Held that - Agricultural land on its conversion for nonagricultural purposes ceased to be an agricultural land. Therefore, it becomes an asset for the purposes of Wealth-tax Act. See Shri. A.N. Manidatta (HUF) , Versus Assistant Commissioner of Wealth-Tax, Circle -2 (2) (1) , Bengaluru 2017 (3) TMI 1603 - ITAT BANGALORE ....... + More
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