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Wealth-tax - Case Laws

Showing 1 to 20 of 3646 Records

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• 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

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• 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

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• 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

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• 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

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• 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."

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• 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

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• 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

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• 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

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• 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

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• 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

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• 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

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• 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.

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• 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.

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• 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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• 2020 (10) TMI 313 - MADRAS HIGH COURT
  
  Maintainability of appeal - limit fixed by the CBDT for the revenue to pursue the appeals - HELD THAT:- Substantial questions of law have to be answered against the revenue, in the light of the Circular issued by Central Board Direct Taxes [for brevity, 'CBDT'] bearing Circular No.5/2019 dated 05.02.2019. Whether Tribunal erred in dismissing the appeals on the ground of law tax effect without taking note of the fact that the revenue audit objection is there in the assessee's case and therefore, the cases would come within the exemption culled out in the circular? - It is not clear what is the revenue audit objection in the instant matter. Nevertheless, we have heard the learned counsel for the parties on the merits of the matter. The issue pertains to valuation of a property in Neelankarai village. The assessee contended that ....... + More

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• 2020 (9) TMI 430 - SUPREME COURT
  
  Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - ITAT said No - HC said Yes - What is the meaning of the expression “association of persons” which occurs in Section 21AA? - Whether Bangalore Club is an association of persons and not the creation, by a person who is otherwise assessable, of one among a large number of associations of persons without defining the shares of the members so as to escape tax liability? - HELD THAT:- For the first time from 1st April, 1981, an association of persons other than a company or cooperative society has been brought into the tax net so far as wealth tax is concerned with the rider that the individual shares of the members of such association in the income or assets or both on the date of its formation or at any time thereafter must be indeterminate ....... + More

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• 2020 (8) TMI 288 - ITAT AHMEDABAD
  
  Validity of the assessment framed u/s 16(3) read with section 17 of WT Act - wealth tax officer was in possession of the information about the acquisition of 2 adjoining residential plots of urban land at Bopal which were subject to the wealth tax as per the provisions of section 2(ea) of the Act - assessee before us contended that the assessee has acquired membership in Bopal Shobhan Cooperative Housing Society Limited and not the lands as alleged by the authorities below - HELD THAT:- On perusal of the orders of the authorities below, we find that it was alleged that the assessee has acquired 2 adjoining piece of lands and there was no mentioned whether such pieces of land was acquired in Bopal Shobhan Cooperative Housing Society Limited. Accordingly a query was posted to the learned AR for the assessee to justify whether the land in di....... + More

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• 2020 (5) TMI 315 - ITAT CHENNAI
  
  Wealth tax assessment - valuation of land - Estimation as per the Wealth Tax Rules - assessee fairly submitted that the land in question is urban land therefore, it is liable for taxation under the Wealth Tax Act - HELD THAT:- Since assessee very fairly submitted that the land in question is urban land and liable for taxation, it may not be necessary for this Tribunal to go into the question whether this is an industrial land or not ? However, for the purpose of valuation as on the valuation date, the Wealth Tax Officer has to follow the procedure under the Wealth Tax Act after considering the locality of the land in question is situated, area of the land, potential for future development, infrastructure facilities available around the land etc. and other depressing factor such as the pendency of patta proceedings. This Tribunal is consci....... + More

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• 2020 (4) TMI 270 - ALLAHABAD HIGH COURT
  
  Proceedings of Criminal Case under Sections 35(B) of Wealth Tax Act, 1957 - Non filing of return after long lapse of time - HELD THAT:- Section 276(C) deals with an offence of willful attempt to evade tax; Section 277 deals with false statement in verification etc., and Section 278B deals with offences by company. Since Tribunal found that there was no concealment of income and order of penalty was quashed, prosecution u/s 276C would also automatically come to an end. Court held, when a criminal trial cannot proceed, it cannot be allowed to continue as that will amount to abuse of process of law. Charge of conspiracy was not proved and various offences under the provisions of IPC were also not satisfied, hence, proceedings were liable to be set aside. In the present case, firstly order of Tribunal relates to a different period of assessme....... + More

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• 2020 (3) TMI 1049 - ITAT HYDERABAD
  
  Refund of the wealth tax paid by the assessee by virtue of the amendment to section 2(ea) of the WT Act - CIT (A) dismissed the appeals as not maintainable because the assessee itself has offered the net wealth to tax - Assessee submitted that since the amendment to section 2(ea) of the Act has been made with retrospective effect from 1.4.1993, the said land does not fall within the purview of the Wealth Tax Act and therefore, the assessee should be refunded the wealth tax paid by the assessee - HELD THAT:- In view of the CBDT Circular dated 11/06/2015, we remand the appeals to the file of the AO with a direction to reconsider the issue in accordance with the amended provisions of the Act. The assessee is also directed to approach the Pr. CIT u/s 25 of the Act and seek refund in accordance with the CBDT Circular and on such receipt of the....... + More

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