2017 (10) TMI 603 - SUPREME COURT OF INDIA
Bimal Kishore Paliwal & Ors., Renuka Agarwal, Master Rahul, Surendra Kumar, Jitendra Kumar (Huf) And Shyamlal (D) By Lrs. Versus Commissioner of Wealth Tax
Valuing an asset for the purposes of Wealth Tax Act - Correct method of the valuation of the property Alpana Cinema for assessment under Wealth Tax Act - reference was made to the Departmental Valuer by Assessing Officer - High Court has expressed opinion that Wealth Tax Officer was justified in adopting the land and building method as if there is loss in the business or in other words there is negative income, it cannot be possible to say that t....... + More
2017 (9) TMI 1535 - ITAT HYDERABAD
Shri B. Rajeswar Rao Versus Asstt. Commissioner of Income Tax, Circle 11 (1) , Hyderabad
Cash seized represents the asset u/s 2(ea) of the Wealth Tax Act - Held that - We find that the said sub clause (vi) of the clause (ea) of section 2 defines the assets to mean cash in hand in excess of ₹ 50,000 of individuals and HUF. - Undisputedly, the assessee is an individual. The Longman Business dictionary defines cash in hand as the amount of money in the form of cash that a company has after it has paid all its costs; the amount of ....... + More
2017 (9) TMI 1240 - DELHI HIGH COURT
Commissioner Of Wealth Tax Versus Atma Ram Properties (P) Ltd.
Wealth tax assessment - Whether the Scindia House Property of the Respondent-Assessee is its business asset/stock-in-trade and cannot form part of its wealth for the purposes of the WTA? - whether the amendment to sub-section 3 of Section 40 by the Finance Act, 1988 (FA 1988) by way of insertion of a proviso to the same is clarificatory and hence retrospective in nature? - Held that - The Assessee has accepted that from AY 1990-91 the income earn....... + More
2017 (9) TMI 366 - SUPREME COURT OF INDIA
Maharaja Amrinder Singh Versus The Commissioner of Wealth Tax
Payment of Wealth Tax - remedy of appeal to the High Court - whether the High Court was justified in allowing the appeals filed by the Revenue and thereby was justified in setting aside the orders passed by the Tribunal? - Held that - The interpretation made by this Court of Section 100 in Santosh Hazari s Case (2001 (2) TMI 131 - SUPREME Court), would equally apply to Section 27-A of the Act because firstly, both Sections provide a remedy of app....... + More
2017 (8) TMI 1234 - BOMBAY HIGH COURT
The Commissioner of Wealth Tax-II Versus Harakchand Uttamchand Khinvasara (HUF)
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 - Recourse to Section 17 of the WT Act was not justified in this situation. The Tribunal felt that it could be justified in a situation where the Assessing Officer has reason to believe that the asset ought to b....... + More
2017 (8) TMI 1010 - KERALA HIGH COURT
The Commissioner of Wealth Tax, Cochin Versus Dr. Asha V. Saraf
Whether Section 13(b) of the Indian Partnership Act, 1932, could be invoked by the Revenue in the context of clause-7 of the Partnership Deed of the firm, M/s Saraf Trading Corporation - Held that - In the absence of any specification in clause-7 of the Partnership Deed regarding the percentage of profit or loss per partner, the Revenue was entitled to take recourse to Section 13(b) of the Indian Partnership Act. Having considered this submission....... + More
2017 (8) TMI 472 - DELHI HIGH COURT
Commissioner of Wealth Tax (C) -1 Versus Sahara India Financial Corporation Ltd.
Condonation of delay - re-filing the appeal is regarding the practice directions issued by the Court pertaining to filing of soft copies of the paperbooks in tax matters - Held that - Sufficient advance notice had been given to the litigants and Advocates about the filing of soft copies of the paperbooks. Further, the Registry of the Court had made appropriate arrangements for scanning services at the filing counters to facilitate the making of s....... + More
2017 (6) TMI 978 - MADRAS HIGH COURT
M/s. Balaji Industries Ltd. (Amalgamated with Balaji Hotels & Enterprises Ltd.) Versus The Deputy Commissioner of Wealth Tax
Assessment to wealth tax of amalgamated company - whether Tribunal is right in law in not considering the issue of the valuation of the properties which are under challenge in appeals? - Held that - The present case relates to the period prior to the date of amalgamation. Returns were also filed prior to the amalgamation and the notices were issued before the date of amalgamation when the assessee existed during the assessment. Amalgamation was d....... + More
2017 (6) TMI 687 - GUJARAT HIGH COURT
Shantadevi P. Gaekwad Versus W.T.O.
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 - Since incidental overlapping is unavoidable, the attempt on the part of the Court in such case would be to ascertain in which clause the article would more appropriately be covered. Clause ....... + More
2017 (3) TMI 1419 - ITAT RAJKOT
WTO, Ward-2 (1) (2) , Rajkot Versus Shri Mandhatasinji M. Jadeja and Smt. Kadambaridevi M. Jadeja
Penalty imposed under s.18(1)(c) of Wealth Tax Act - concealment of any particulars of wealth per se - CWT(A) directed the AO to cancel the penalty - Held that - No infirmity in the reasoning of the CWT(A). The CWT(A), in our view, has appreciated the facts in perspective. It is not a case where any wealth was kept hidden from the knowledge of the Department. It is merely a case where the assessee has initially agitated the taxability of cash in ....... + More
2017 (1) TMI 1366 - ALLAHABAD HIGH COURT
Commissioner of Wealth Tax Versus Smt. Comilla Mohan
Addition in respect of the Wealth of Two Trusts - Held that - Similar question relating to same Assessee has already been answered by this Court in Commissioner of Income Tax Vs. Comilla Mohan 2007 (1) TMI 111 - ALLAHABAD High Court ....... + More
2017 (1) TMI 241 - RAJASTHAN HIGH COURT
Commissioner of Wealth Tax Jaipur-I, Jaipur Versus Prabha Devi Golecha
Additions made in the net wealth of the assessee on account of undisclosed credit balance in the books of the firm M/s Salas S.A. Of Geneva and on the basis of information supplied by Mr. John Ashlyn of M/s Salas S.A. Geneva - ITAT deleted the addition - Held that - Additions were made in income-tax assessments as well as wealth-tax assessments of some connected assessees of this group on the basis of the statement of Mr. John Ashlyn. Several ord....... + More
2016 (12) TMI 1134 - GUJARAT HIGH COURT
Vasudev G. Gajjar Versus D.C.W.T.
Stock Exchange Card of Ahmedabad Stock Exchange liability to Wealth Tax Act - Held that - So long as assessee holds Membership Card and is non defaulting Member such a Membership Card can be said to be an assets within the definition of Section 2(e) of the Act, 1957 and on the same the assessee is liable to pay Wealth Tax. The question answered in favour of Revenue and against the assessee........ + More
2016 (12) TMI 399 - ALLAHABAD HIGH COURT
Devendra Verma Versus Wealth Tax Officer, Ward-1, Shamli
Chargeability of interest from the legal representative of the deceased assessee - deceased assessee having not filed his return within prescribed time and in his life time - Held that - It is settled law that a fiscal statute has to be strictly construed. It is the plain language of the provision, which has to be preferred and specially where the language is plain and is capable of one definite meaning, strict interpretation is to be given, ther....... + More
2016 (11) TMI 708 - ALLAHABAD HIGH COURT
Commissioner of Income Tax (C) Kanpur Versus Late Shri Padampat Singhania through L/H Dr. G.H. Singhania
Wealth tax assessment - ITAT held that certain provisions of building bye laws framed by J.D.A in Jan, 1996 were to apply retrospectively for Wealth Tax assessment on valuation date 31.3.1987 - applacability of provision of bye laws of J.D.A of Jan, 1996 - Held that - In the present case, in our view, Regulations 1996 for the purpose of assessment of valuation of disputed property are not at all applicable unless it is shown that the disputed pro....... + More
2016 (11) TMI 143 - ITAT DELHI
Anil Arora Versus WCIT, Central Circle-02, New Delhi
Addition of taxable wealth of the assessee because of surrender of the cash found in locker during the course of search - Held that - The undisputed fact is that that assessee tried to explain the amount of cash seized from the locker with syndicate bank which was in the name of the assessee and the amount of ₹ 30 lakhs was found there from. Further, the explanation of the assessee was also not found to be correct that money belongs to the ....... + More
2016 (11) TMI 63 - ITAT HYDERABAD
The Wealth Tax Officer Versus Mr. Y. Ravichand
Exemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act - CIT(A) treating it as a basic exemption limit and deleting the addition made by the A.O. in respect of such limit - Held that - It is an asset being plot of land comprising of an area of 500 sq. mts or less which is exempt from tax and not up to 500 sq. mts or less. Therefore, the finding of the CWT(A) is not tenable since the assessee p....... + More
2016 (10) TMI 278 - ITAT KOLKATA
M/s. Navin Vanijya Pvt. Ltd. Versus A.C.W.T., CC-IV, Kolkata
Asset for the purpose of wealth tax - 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 - Considering the submission of assessee that the memorandum explaining the provision in the finance No.2 Bill, 1998 under the head incentives proposed under the Wealth Tax Act , it is clarified that wealth tax is not levied on productive assets. In vi....... + More
2016 (9) TMI 1139 - RAJASTHAN HIGH COURT
Commissioner of Wealth Tax, Jaipur Versus Ballabh Kumari of Bagsuri, Ajmer
Applicability of provisions of Urban Land (Ceiling & Regulation) Act, 1976 for determining the market value of the plot for purposes of Wealth-tax on the relevant valuation date - Held that - Once there is a restriction on transfer of any land falling under the ULCAR Act, the fair market value of the property would be depressed on account of such restrictions/considerations. Admittedly, in the instant case, it was not open to the assessee to ....... + More
2016 (9) TMI 985 - MADRAS HIGH COURT
The Karur Vysya Bank Ltd. Versus The Commissioner of Income-Tax, Trichy
Reopening of assessment - claim of deduction of proportionate liability from the gross wealth of the appellant - Held that - When once all the assets of the business are sought to be valued, the necessity to undertake individual or proportionate distribution of the debts is not required to be undertaken separately. It is a fundamental principle of law that no part of a Statute should be construed as carrying no meaning at all. Every provision mus....... + More
