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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.....

2015 (4) TMI 446 - BOMBAY HIGH COURT

Dynavent Air Systems Pvt. Ltd. Versus Income Tax Appellate Tribunal, Mumbai And Others

Rectification under section 35(1)(e) of the Wealth Tax Act, 1957 - Enhancement in value of property - Classification of office premises - Held that - Power of the Tribunal to rectify mistakes is only to correct an error apparent on record and not to .....

2015 (4) TMI 412 - MADRAS HIGH COURT

M/s. Vyline Glass Works Limited Versus The Assistant Commissioner of Wealth Tax

Recall of previous order - Power of Tribunal to recall its final order - Whether in a case of wealth tax, the Tribunal has power to recall its order in the guise of rectification of mistake contrary to the provision under Section 35 of the Wealth Tax.....

2015 (4) TMI 230 - MADRAS HIGH COURT

Commissioner of Wealth Tax, Madurai Versus TV. Sundaram Iyengar And Sons Ltd., Madurai

Valuation of property - Whether Tribunal was right in holding that the written down value of the cars and jeeps owned by the assessee should be taken as the market value for the purposes of wealth tax - Held that - Following decision of Commissioner .....


M/s. South India Structural Corporation Ltd. Versus The Dy. Commissioner of Wealth Tax, Company Circle I (3)

Valuation of property - Whether the Tribunal is correct in concluding that the value of the lease hold right in the property under consideration was correctly brought into the computation of net wealth as per provisions of Section 40 of the Finance A.....

2015 (3) TMI 771 - SUPREME COURT

M/s. Kapri International Pvt Ltd Versus Commissioner of Wealth Tax, New Delhi

Valuation of net worth of assessee company - whether under Section 40(3)(vi) of the Finance Act, 1983, the building is used by the assessee as a factory for the purpose of its business - Held that - No doubt, M/s Dior International P. Ltd. was manufa.....

2015 (2) TMI 997 - ITAT KOLKATA

Wealth Tax Officer, Wd-10(2) Kolkata Versus Ferrolite products Ltd.

Exclusion of values of land and house property from net wealth - renting out of property - commercial establishment or complex - assets are situated in urban area and have been shown under separate block in the audited accounts - Held that - The fact.....


The Trustees of HEH Versus The Commissioner of Income Tax

Occasion to invoke section 21(4)the Wealth-tax Act - Accelerated interest in the trust properties - whether right to wear the jewellery is not an asset - whether interest of the beneficiaries in the trust property was assessable under section 164 of .....

2015 (2) TMI 258 - ITAT HYDERABAD

Shriram Chits Pvt. Ltd. Versus Dy. Commissioner of Wealth Tax, Hyderabad

Penalty u/s 18(1)(c) of the Wealth Tax Act, 1957 - concealment of value of property - Held that - the fact that the value declared by the assessee of its Mumbai property was accepted by the AO in the assessments originally completed u/s 16(3) read wi.....

2015 (2) TMI 215 - ITAT DELHI

JB. Roy Versus Dy. Commissioner of Wealth Tax

Enhancement in the value of land owned by the firm where the appellant is a partner - Rule 20 of Schedule III of the Wealth Tax Act 1957 - Held that - land being used as business asset, its value was to be determined as per Rule 14 and not as per Rul.....

2015 (2) TMI 172 - ITAT PANAJI

The Assistant Commissioner of Wealth Tax Versus M/s. Goa International School Pvt. Ltd.

Deletion of wealth tax - Land an urban land or not - Whether CWT(A), Panaji has erred in treating the company plot of urban land, which is liable for Wealth Tax is outside the purview of definition of assets u/s. 2(ea)(v) of the Wealth Tax Act - Held.....



Benefit of Section 40(3)(vi) of the Wealth Tax Act - Whether on the facts and in the circumstances of the case, the ITAT has substantially erred in law in directing to delete the value of the assets used for the purpose of earning lease rent income t.....

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