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2015 (10) TMI 263 - ITAT HYDERABAD

Mr. M. Ravinder Versus DCWT, Circle 1 (3) , Hyderabad

Reopening of wealth tax assessment - non declaration of property - ownership dispute - Held that - though the assessee has disputed his ownership right over the property but he has failed to bring any evidence on record to show that there is any lega.....

2015 (10) TMI 26 - ITAT KOLKATA

Linc Pen & Plastics Ltd. Versus DCWT, CC VII, Kolkata

Levy of penalty u/s 18(1)(c) of the Wealth Tax Act 1957 - assessee had shown motor car in the depreciation schedule but did not file the wealth tax - Held that - Assessee has filed returns prior to notices issued u/s. 17 of the Act. We noted that the.....

2015 (9) TMI 1249 - ITAT AMRITSAR

The Wealth Tax Officer, Ward-2 (1) , Jammu Versus Sh. Joginder Singh Rajput and Vica-Versa

Valuation of the land for Wealth Tax purposes - revenue contended that, there was no restriction concerning construction or development over the land of the assessee, by any Act or Law for the time being in force and the assesssee could have made suc.....

2015 (9) TMI 1188 - ITAT AMRITSAR

The Assistant Commissioner of Wealth Tax, Circle-2, Jammu Versus Sh. Vikramaditya Singh and Vica-Versa

Valuation of the land for Wealth Tax purposes - urban land or agricultural land - revenue contended that the documents submitted by the assessee do not specifically indicate that construction is not allowed over the land of the assessee. - CWT(A) del.....

2015 (9) TMI 1065 - SUPREME COURT

Sri S.N. Wadiyar (Dead) Through LR Versus Commissioner Of Wealth Tax, Karnataka

Valuation of vacant land attached to the Property - wealth tax assessment - Property which had come within the mischief of the Ceiling Act. - admittedly possession had not been taken, which remained with the assessee for want of notification under Se.....

2015 (8) TMI 1101 - ITAT HYDERABAD

Shri Y. Lava Kumar Versus Asstt. Commissioner of Wealth-tax, Circle 11 (1) , Hyderabad

Valuation - Whether the CWT(A) is right in deleting the additions made to the taxable wealth in conformity with S.7, Schedule III, Part H of the Wealth-tax Act read with Rule 20 of the Wealth-tax Rules - Held that - Assessee has relinquished his righ.....

2015 (8) TMI 483 - ITAT PUNE

ACWT, Circle-1, Jalgaon Versus Shri Jagannath Nathu Wani

Enhancement in value of net wealth - Denial of exemption claim - AO denied the exemption claimed on the ground that these are single immovable properties and do not quality as commercial establishment - CWT(A) allowed exemption claim - Held that - in.....

2015 (8) TMI 432 - ITAT PUNE

ACIT, Circle-14, Pune Versus Mudhol Land Holding Pvt. Ltd.,

Determination of net wealth of assessee - Renting of property - Business Income or asset - Held that - CWT(A) while treating the asset as a commercial property has followed the decision of the Tribunal in assessee s own case 2015 (6) TMI 252 - ITAT P.....

2015 (8) TMI 285 - SUPREME COURT

P.A. Jose Etc. Versus Commissioner of Wealth Tax, Kottayam Etc Respondent (s)

Validity of High Court s order - HC has decided the appeal without framing the question of law - Held that - appeal under the Section 27A (3) of The Wealth Tax Act, 1957 can be admitted only when a substantial question of law is involved in the appea.....

2015 (8) TMI 235 - ITAT CHENNAI

M/s. Vyline Glass Works Ltd Versus The Asst. Commissioner of Wealth-tax

Validity of notice issued u/s 17 - Notice issued on he basis of audit objection - Addition in net wealth - Business Income - Assessing Officer observed that in this case the assessee was not carrying on any business in the impugned premises - Propert.....

2015 (8) TMI 186 - ITAT PUNE

Dy. CWT, Circle-1, Jalgaon Versus Smt. Taradevi Ratanlal Bafna, Jalgaon

Enhancement in value of net wealth - Denial of exemption claim - AO denied the exemption claimed on the ground that these are single immovable properties and do not quality as commercial establishment - CWT(A) allowed exemption claim - Held that - su.....

2015 (8) TMI 47 - ITAT HYDERABAD

Shri G. Anand Hyderabad and others Versus Wealth Tax Officer Ward 6 (2) Hyderabad and others

Wealth tax - Claim of exemption - Urban land - Revenue Authorities assessed the value of the land as on valuation date - AO held the assessee to be liable to penalty u/s 18(1)(c) as the assessee was entitled under the ULCA to make an application for .....

2015 (7) TMI 217 - ITAT CHENNAI

The Assistant Commissioner of Wealth-tax Versus M/s. Vyline Glass Works Ltd.

Rectification of mistake - Held that - prima facie there is a mistake in the order passed by the Tribunal. Therefore, the said common order of the Tribunal 2012 (4) TMI 151 - ITAT CHENNAI is recalled and again reinstated in the rolls of the Tribunal .....

2015 (6) TMI 770 - MADRAS HIGH COURT

The Commissioner of Income Tax, Chennai Versus M/s. MIL Industries Ltd.

Whether the land at Ambattur sold by the assessee would fall within the exclusion clause of Section 2(ea) of the Wealth Tax Act - Held that - as the issue involved herein being pure question of fact and as both the Appellate Authorities, after verify.....

2015 (6) TMI 728 - ITAT AHMEDABAD

ACIT (OSD) , Circle-5, Ahmedabad Versus M/s. Prasad Machinery Pvt. Ltd.

Valuation - Addition in net wealth - Held that - Revenue seeks to restore the Assessing Officer s findings treating assessee s industrial sheds in question as taxable under the provisions of wealth tax law. It has come on record that the assessee is .....

2015 (6) TMI 256 - ITAT KOLKATA

D.C.W.T. Central Circle-VI, Kolkata Versus Shri Vivek Kr. Kathotia

Penalty u/s 18(1)(c) of W.T.Act, 1957 - Held that - The penalty is leviable on the date on which the concealment of wealth is committed i.e. the date of offering the return of wealth. Therefore in the present case it will not be justified to refer to.....

2015 (6) TMI 147 - ITAT CHENNAI

Shri L. Mohanarangam (HUF) Versus Wealth Tax Officer, Ward-I (1) , Namakkal

Wealth Tax assessment - Incomplete construction of commercial complex building - Held that - Assessee has furnished bills and vouchers for the materials purchased such as steel, cement, sand, iron, labour expenses, lorry freight etc. for completing c.....

2015 (5) TMI 874 - ITAT HYDERABAD

Hyderabad Bottling Co. Limited Versus Asst. Commissioner of Income Tax, Circle-2 (2) , Hyderabad

Exemption claim - Urban land - assessee submitted that since the property in question is not a vacant land but there was a building under construction over the said land, it cannot be treated as urban land u/s. 2(ea)(v) - Failure to furnish documenta.....

2015 (5) TMI 321 - SUPREME COURT

M/s. Cosmopolitan Hospitals (P) LTD. Versus Commissioner Of Wealth Tax

Scope and ambit of section 40(3)(vi) of the Finance Act, 1983 - Whether the Hospital property would be subjected to wealth tax under the Wealth Tax Act, 1957 - the contention of the appellant is that the Hospital building should be treated as office .....

2015 (4) TMI 950 - ITAT MUMBAI

Zee Entertainment Enterprises Limited Versus ACWT, 11(1), Mumbai

Reopening of assessment - addition made on account of valuation of cars - Held that - Assessee declared the value of motor cars on the basis of the written down value as per the balance sheet, however, the Assessing Officer adopted the insurance valu.....

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