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Wealth-tax - Case Laws
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- 2021 (5) TMI 199 - BOMBAY HIGH COURT
Wealth tax assessment - ownership of the Gold in possession of the assessee - Limited power to deal with the Gold - Legal heirs - including the market value of the said gold in the computation of net wealth of the original petitioner - whether the Tribunal erred in law in rejecting the assessee's submissions that even if the said gold were to be included in the net wealth, the value thereof to be taken ought to be NIL or ought to be arrived at, bearing in mind the liability for confiscation, fine and penalty and bearing in mind that what had to be valued was the price which the assessee claim to be restored possession of the said gold would fetch, if sold in the open market ? - HELD THAT:- Applying the ratio in the case of Murari Mohan Dutta [1991 (9) TMI 17 - CALCUTTA HIGH COURT] we are inclined to hold in the present case that there....... + More
- 2021 (4) TMI 1019 - ITAT HYDERABAD
Wealth tax assessment - valuation of assets under the Wealth Tax Act - valuation of immovable assets and revaluation thereof - HELD THAT:- The revaluation of the properties at Banjara Hills and Madhapur needs reconsideration by the AO in the light of the CBDT Circular No.3 dated 28.09.1957 above and if the value of the assets was fixed by the Assessing Officer in A.Y 2002-03 in accordance with law, then he has to adopt the same for the next two succeeding A.Ys. The Assessing Officer is directed accordingly. Further, the additional ground raised by the assessee with regard to the chargeability of Wealth Tax on Madhapur property is admitted and is also remanded to the file of the Assessing Officer for consideration in accordance with law. Assessing Officer is also directed to verify the existence of movable assets during the financial year and if they do not exist, then Assessing Officer cannot make any addition in this regard.
- 2021 (4) TMI 1010 - ITAT CHENNAI
Wealth tax assessment - assessee wrongly admitted the value of the land at Baraniputhur as an asset in the AY 2008-09, although, the assessee was not owner of the land in that assessment year- HELD THAT:- As the assessee became owner of the land during the period relevant to the AY 2009-10 only. However, the assessee pleads that when the compliances were made subsequent to the receipt of notices u/s.17B for various AYs in 2016, the assessee committed an error and admitted the value of land in the earlier year return itself i.e. in AY 2008-09. In this regard, the assessee placed reliance on the copies of Sale Deed, Encumbrance Certificate, etc. We are of the considered view that when the assessee became owner of the impugned land? i.e. whether during the period relevant to the AY 2008-09 or from the AY 2009-10, requires a fresh examination....... + More
- 2021 (4) TMI 269 - GUJARAT HIGH COURT
Refund of wealth tax paid on urban agricultural land to the petitioner along with statutory interest - Assessee stated that in absence of clarity of legal position regarding taxability of wealth tax on agricultural land, he had paid the Wealth Tax on agricultural land owned by the him but as per the amended Section 2(e)(a) of the Act, the urban agricultural land is not assessable for the purpose of wealth tax and the said amendment was inserted vide Finance Act, 2013 with retrospective effect from 01.04.1993 and therefore, the amount already deposited by the writ applicant is required to be refunded - HELD THAT:- There is no dispute with regard to amended provision of Section 2(e)(a) which provides that the urban agricultural land is not assessable for the purpose of wealth tax and the amendment would applicable with retrospective effect ....... + More
- 2021 (3) TMI 1185 - ITAT RAJKOT
Reopening of wealth tax assessment - assessee has not filed any wealth tax return as on the basis of cash in hand - HELD THAT:- As notice u/s.17 of the Wealth Tax Act, 1957, was issued by the Assessing Officer after verification of balance-sheet filed by the assessee along with return of income pertaining to income-tax assessment, the Assessing Officer has noticed that assessee has shown cash in hand to the amount of ₹ 85 lakhs in the balance-sheet. Assessee has neither paid wealth tax nor filed any wealth-tax return. Therefore, the Assessing Officer has reopened the wealth tax assessment after recording due reasons and obtaining necessary approval. Looking to the aforesaid facts and circumstances of the case, we do not find any infirmity in justifying the reopening of wealth-tax assessment and further on the basis of notices issued....... + More
- 2021 (3) TMI 76 - ITAT CHENNAI
Wealth tax assessment - whether the lands owned by the assessee and leased to trusts comes under the definition of ‘asset’, as defined u/s.2(ea) of the WT Act, or the assets held by him under the trusts or legal obligation for any public purpose of a charitable or religious nature in India, which is exempt u/s.5(i) of the WT Act? - Admission of additional evidences - HELD THAT:- In the present case, the lands are leased to trusts and trusts utilized the lands by constructing buildings on which educational institutions are running. Hence, by no stretch of imagination, the said lands can be construed as non-productive assets. Lands occupied by any building which has been constructed with the approval of appropriate authority is excluded from the definition of ‘urban land’ and on plain reading of the said clause, it i....... + More
- 2021 (2) TMI 624 - ITAT HYDERABAD
Wealth tax assessment - entitlement to exemption u/s. 5(vi) on the value to the extent of land admeasure 500 Sq mts, irrespective of the number of plots - assessee and his wife are the co-owners/co-purchasers of two plots and the former’s share neither exceeds the threshold limit of 500 sq.mts. or more as per the exemption clause u/s 5(vi) of the Act. - HELD THAT:- Assessee and his wife purchased these two plots on 23/02/2011 by way of as many sale deeds; both dated 23/02/2011 through their power of attorney. There is also no material to suggest that both these parties have clubbed their two plots and got the same sanctioned from the town planning or municipality. The precise question that arises for apt adjudication as to whether the said two plots can be assumed to have been clubbed or not so as to be exigible to wealth tax is to ....... + More
- 2021 (2) TMI 47 - ITAT CHENNAI
Net wealth assessment - additions towards two assets within the definition of asset u/s. 2(ea)(1)(v) of the Act, which includes property at Saidapet and property at Haddows Road, Nungambakkam - claim of assessee before lower authorities that property at Saidapet is in the name of partnership firm, where the assessee is having 50% share and hence the same cannot be included in the net wealth of the assessee - HELD THAT:- It is an admitted fact that once an asset is not in the name of the assessee, the same cannot be included in the definition of asset for the purpose of wealth tax. Valuation of interest of a person in a firm of which the assessee is a member shall be determined in the manner provided in Rule 16 and such value shall be added to the value of net asset as on the date of valuation. In this case, the AO has directly taken 50% v....... + More
- 2021 (2) TMI 46 - ITAT CHENNAI
Reassessment of wealth tax - vacant urban land not included within the definition of asset as defined u/s. 2(ea) of the Wealth tax Act - JDA Entered for construction of building after demolition of existing building - definition of asset for the purpose of Wealth Tax Act - whether the impugned land was a vacant urban land or there existed any building - Whether AO as well as CWT(A) has brought out various reasons to come to the conclusion that the land in question was a vacant urban land and there was no structure in the impugned land as on the date of valuation of asset? - HELD THAT:- On perusal of details filed by the assessee including Joint Development Agreement, we find that Joint Development Agreement dated 4-7-2009 has clearly spelt out the main purpose of agreement and as per which, the sole object of agreement is for construction....... + More
- 2021 (2) TMI 2 - ITAT CHENNAI
Concealment of wealth - assessee has not filed wealth tax return u/s.14 - penalty proceedings u/s.18(1)(c) of the Act was initiated - when notice was issued u/s.17(1) of the Act, return of wealth declaring taxable wealth has been filed along with payment of consequent taxes - HELD THAT:- Presumption of automatic levy of penalty is completely unsustainable in law, while such presumption of the department negated the discretion vested with the original authority for levying or not levying of such penalty depending upon the facts and circumstances of the case. Further, the deemed concealment of wealth or furnishing of inaccurate particulars of wealth as per Explanation 3 should be subject to the discretion vested with the authority in the matter of levying or not levying of penalty. Levy of penalty u/s.18(1)(c) of the Act, after completion o....... + More
- 2021 (1) TMI 1055 - SC ORDER
Exemption from wealth tax - whether 28 Acres of ‘urban land’ comes under the ambit of the exemption clause of Section 2(ea) of the Wealth Tax Act, 1957? - person to be the ‘owner’ - protective assessment - HELD THAT:- Leave granted. Pending further consideration, the effect and operation of the following observation made by the High Court in Para 78 of the judgment under challenge shall remain stayed: “The Assessing Authority would be free to now proceed to make substantive assessments in the hands of the Respondent-Assessees."
- 2021 (1) TMI 974 - ITAT CHENNAI
Wealth tax assessment - assessee has challenged inclusion of residential property at Mc Nichols Road on the ground that said property was used for the purpose of residence and hence the same is exempted u/s.5(1)(vi) - assessee has also challenged valuation adopted by the AO on the ground that the AO ought to have followed the method of valuation prescribed under Schedule III to Wealth Tax Act, whereas he has arrived at the value on the basis of market value which is incorrect - HELD THAT:- In this case, on perusal of facts, we find that although assets have been distributed among the family members in pursuant to MOU cum Deed of family settlement, but the contention of the assessee before the Hon’ble High Court is that he did not receive said assets. We, therefore, considering facts and circumstances of the case, are of the opinion ....... + More
- 2021 (1) TMI 973 - ITAT DELHI
Wealth tax assessment - additions in the valuation of jewellery - gross weight of jewellery as on 31.02.2012 declared in the wealth tax return was different from the gross weight of jewellery as on 31.03.2013 - HELD THAT:- As during the course of search and subsequent opening of lockers the jewellery of all the family members were mixed up and valued, therefore, for the adjudication of this quarrel, we have considered the gross weight of jewellery of all the family members taken together as declared by them in their respective Wealth Tax Returns and as found at the time of search. No suppression in the valuation of jewellery and, therefore, enhancement made by the CIT(A) on this account is bad in facts and deserves to be deleted. We direct the WTO to delete the impugned enhancement in the value of jewelery from the hands of all the appell....... + More
- 2021 (1) TMI 381 - ITAT MUMBAI
Exigibility of offshore assets of an offshore trust to wealth tax - HELD THAT:- Private discretionary trust was established by a non-resident with the offshore assets, which is irrevocable and the beneficiaries consist of lineal descendants of Late Shri Pratap Malpani and Late Ashokvardhan Birla together with charitable organizations. The trust deed empowers the trustees to control the offshore assets and in case of distribution, it can be on the basis of trustees discretion. Even though the trust was established in Guernsey, the provision of trust is universally accepted and consistently followed worldwide. Even Indian Trust Act, 1882 is followed consistently and it is enacted in pre-independent era. In this case, it was given to assessee’s father and mother. After their lifetime, it devolved on the assessee. Merely because, it is ....... + More
- 2020 (12) TMI 1059 - ITAT CHENNAI
Wealth tax assessment - whether property was let out and rental income was shown in the income tax returns filed for the relevant assessment years or not? - claim of the assessee that none of the assets are coming within the meaning of assets as defined u/s.2(ea) of the Wealth Tax Act, 1957, therefore, one more opportunity of hearing may be given to the assessee to go before the Assessing Officer to explain with necessary evidence and prove that assets are not coming within the ambit of Wealth Tax Act - HELD THAT:- As considered the arguments of the assessee in light of the fact that the learned CWT(A) has decided the appeals without waiting for remand report called for from the Assessing Officer despite the fact that he himself has called for remand report regarding certain additional evidences filed by the assesse. Therefore, we are of ....... + More
- 2020 (12) TMI 750 - ITAT BANGALORE
Wealth tax assessment - property which is subject to wealth tax by the AO is not residential or commercial property and it is an industrial property not liable for wealth tax - rental income from the said property was treated as income from house property. According to the assessee, it is not an asset liable for wealth tax - Assessing Officer treated it as an asset liable for wealth tax - HELD THAT:- The provisions of the Act are clear and categoric that all immovable assets falling within the definitions are to be included as the wealth of the assessee unless the same are excluded by the exclusion clause. On reconstruction of the definition clause, after amendment w.e.f 1st April, 1997, commercial properties are to be included in the net wealth of the assessee and exemption is being allowed to such ‘house’ of the assessee whi....... + More
- 2020 (12) TMI 149 - ITAT PUNE
Wealth tax assessment - exemption claimed under Sec.5(vi) of the Wealth Tax Act in respect of residential flat at Mega Polls denied - assessee had not filed the documentary evidence in support of the exemptions claimed - Addition to the returned wealth on account of cash on hand - HELD THAT:- Assessee had claimed exemptions of two properties citing the provisions of Wealth Tax Act. Though the Assessing Officer mentioned that in the absence of evidence in support of the exemptions claimed, denied the exemptions but it is not clear as to what details were required to grant the relief as claimed by the assessee. Addition to the returned wealth on account of cash on hand, the material on the record suggests that the cash was seized in the Financial Year 2009-10, whereas, we are concerned for the Financial Year 2010-11. There is no reference t....... + More
- 2020 (12) TMI 148 - ITAT CHENNAI
Wealth tax assessment - assessing the value of land at Kelambakkam and Navalur - exemption of 500 sq.metres of any plot u/s.5(1)(vi) of the Wealth Tax Act - HELD THAT:- Since the assessee is not having a residential house and has not claimed any exemption u/s.5(1)(iv), then he is entitled to claim exemption u/s.5(1)(vi), any of the plot within the limits of 500 sq.metre area. The area of the land at Kelambakkam is very well within the limit specified, therefore, the AO is directed to exempt the value of Kelambakkam land u/s.5(1)(vi) of the Wealth Tax Act - Assessee’s appeal is allowed.
- 2020 (11) TMI 73 - MADRAS HIGH COURT
Wealth tax assessment - Nature of land - ‘urban land’ - whether the land owned by the respondent - assessee would not fall within the definition of the expression ‘urban land’ under Section 2(ea) of the Wealth Tax Act - HELD THAT:- As decided in [2020 (10) TMI 313 - MADRAS HIGH COURT] CIT-A has recorded the factual finding that the land, which is unbuiltable under any law for the time being in force, is not an urban land and as such, is not an asset within the meaning of Section 2(e) (a) of the Wealth Tax Act. The CIT-A also referred to a decision in the case of Prabhakar Keshav Kunde [2010 (8) TMI 926 - BOMBAY HIGH COURT] .Thus, considering that factually, the CITA on verification found that the land falls within the prohibited zone CRZ III category. - Decided against the revenue.
- 2020 (10) TMI 858 - ITAT BANGALORE
Wealth tax assessment - Validity of reopening of assessment - sustaining the addition made by the AO under Wealth Tax Act - HELD THAT:- AO has mentioned in the assessment order that he has duly recorded the reasons and the same was served upon the assessee. This observation of the AO, in the absence of any other contrary material, has to be considered as true. Before us also, the assessee did not furnish any material to disprove the observations made by the AO. Accordingly, we agree with the view taken by Ld CIT(A) that the AO has followed correct procedure for reopening the assessment. Addition of value of plot and the value of construction under progress - CIT(A) took the view that the value of building under construction is not exigible to Wealth tax - HELD THAT:- A careful reading of the provisions of sec.5(1)(vi) would show that it p....... + More
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