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Wealth-tax - Case Laws

Showing 1 to 20 of 3459 Records

  • 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 fa... ... ...


  • 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 dist... ... ...


  • 2016 (9) TMI 243 - ITAT HYDERABAD

    Wealth Tax Officer, Ward 16 (2) Hyderabad Versus M/s. Nikhila Estates (P) Ltd.

    Nature of land - wealth assessment - urban land - Held that - We find that the asset considered for wealth tax by the AO is claimed to be agricultural land by the assessee. Before the CIT (A), assessee has allegedly filed copies of the sale deeds and... ... ...


  • 2016 (9) TMI 186 - ITAT HYDERABAD

    M/s. Siseri Agro Farms P. Ltd. And 40 Others Versus Assistant Commissioner of Wealth Tax, Central Circle-3 (2) , Hyderabad.

    Nature of land - whether the said lands fall within the definition of Urban land , so as to bring it to wealth tax? - Held that - The issue whether the said lands fall within the definition of Urban land , so as to bring it to wealth tax require re-e... ... ...


  • 2016 (9) TMI 29 - GUJARAT HIGH COURT

    PRINCIPAL COMMISSIONER OF WEALTH TAX Versus SHATRUSHLYASINJI D JADEJA

    Powers of Commissioner to revise orders of subordinate authorities - Held that - As twice at the instance of the assessee, Commissioner, in exercise of powers under sub section (1) of Section 25, had directed the Assessing Officer to carry out fresh ... ... ...


  • 2016 (8) TMI 1120 - PUNJAB AND HARYANA HIGH COURT

    The Commissioner of Wealth Tax, Patiala Versus M/s Industrial Cables (India) Ltd.

    Eligibility of exemption from Wealth Tax under the provisions of Section 2(ea) of the Wealth Tax Act, 1957 whether lands were being used by the assessee for industrial purposes ? Held that - The issue has been decided against the appellant by a Divis... ... ...


  • 2016 (8) TMI 351 - GUJARAT HIGH COURT

    COMMISSIONER OF WEALTH TAX Versus DIGVIJAY CEMENT CO. LTD

    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

    THE COMMISSIONER OF WEALTH TAX Versus NARAYAN T. BADDI

    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

    COMMISSIONER OF INCOME TAX-I Versus BARODA PACKAGING PRIVATE LIMITED

    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

    AMIGO SECURITIES P. LTD Versus ASST. COMMISSIONER OF WEALTH TAX, CIRCLE 1 (1)

    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... ... ...


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