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Wealth-tax - Case Laws

Showing 1 to 20 of 3499 Records

  • 2018 (1) TMI 34 - ITAT BANGALORE

    Shri A.R. Narendranath (HUF) Versus The Assistant Commissioner of Wealth Tax, Circle 2 (2) (1) , Bangalore

    Wealth tax assessment - treatment to agricultural land - Held that - Agricultural land on its conversion for nonagricultural purposes ceased to be an agricultural land. Therefore, it becomes an asset for the purposes of Wealth-tax Act. See Shri. A.N. Manidatta (HUF) , Versus Assistant Commissioner of Wealth-Tax, Circle -2 (2) (1) , Bengaluru 2017 (3) TMI 1603 - ITAT BANGALORE ....... + More

  • 2018 (1) TMI 17 - ITAT MUMBAI

    M/s. Ashok Leyland Finance Ltd. (Now) IndusInd Bank Limited Versus The Assistant

    Disallowance of claim for deduction of debts incurred in relation to the taxable assets from gross wealth - Held that - Admittedly, the assessee is engaged in hire purchase and leasing the vehicles. Proportionate basis for determination of the debt can be adopted if multiple assets were brought under wealth tax. In the computation of wealth, the assessee has declared value of own vehicles as well as value of leased vehicles and no other assets ex....... + More

  • 2017 (12) TMI 1267 - ITAT HYDERABAD

    G. Girish Kumar Versus Asst. Commissioner of Wealth Tax

    Wealth tax assessment reopened u/s. 17 - assessing the value of 10 acres of land - AO adopted the taxable wealth at ₹ 3.35 Crores based on the adoption of market value for the 10 acres of land stated to be in the ownership of assessee as per the agreement of sale - Held that - It is interesting to note that assessee has entered into an agreement of sale with the said persons for sale of 10 acres of land on his own. In that agreement, in par....... + More

  • 2017 (12) TMI 1011 - ITAT DELHI

    Roopak Gulati Versus Asstt. Commissioner of Wealth Tax And Vice-Versa

    Wealth tax assessment - valuation of properties - Held that - AO was compelled to estimate the values of properties as indicated above and assessed the net wealth of the assessee at ₹ 2,68,77.200/- as against ₹ 76,75,209/- on estimate basis vide his order dated 31.12.2009. After hearing both the parties and perusing the records especially the orders passed by the revenue authorities, we are of the view that the AO has given full oppor....... + More

  • 2017 (12) TMI 480 - ITAT VISAKHAPATNAM

    Devineni Avinash, Devineni Lakshmi Legal Rep. of Late Sri Deniveni Rajasekhar Versus Wealth Tax Officer Ward-2 (3) , Vijayawada

    Treatment of asset as stock in trade - Held that - The assessee has purchased urban vacant land located at Banjara Hills and entered in to development agreement with Vulcon Project Developers Pvt. Ltd for development of the land but no development took place till the date of valuation date. The assessee declared the asset in the balance sheet as a fixed asset and no supporting evidence was placed by the assessee with regard to the claim of the as....... + More

  • 2017 (12) TMI 479 - ITAT VISAKHAPATNAM

    L.G. Trinadha Rao Versus Dy. Commissioner of Wealth Tax Circle-5 (1) , Visakhapatnam

    Market value of immovable property - adoption of the value determined by the Departmental Valuation cell - Held that - There is a search in the case of the assessee and subsequently it is found that there are some immovable properties and the assessee has to file a wealth tax return, which he was not filed. The A.O. has issued a notice, accordingly, assessee filed the wealth tax return and declared immovable properties as per the books of account....... + More

  • 2017 (12) TMI 478 - ITAT DELHI

    DCIT, Central Circle-6, New Delhi Versus Sahara India Commercial Corporation Ltd.

    Penalty levied - not furnished the return within time of sub-section (1) of section 14 - difference between filing of return within the time stipulated u/s 14(1) of the Act or filing the same with any delay - Held that - It is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made incase of belated filing of the original return of wealth. Thoug....... + More

  • 2017 (12) TMI 262 - ITAT PUNE

    ITO, Ward-2 (3) , Jalgaon Versus Shri Anil Kasturchand Shah

    Assessment of wealth including agricultural land - Addition made in the context of retrospective amended Explanation-1 to section (ea) of the Wealth Tax Act - Held that - The Wealth Tax Act, 1957 defines the assets in clauses (e) and (ea) of section 2. The assets include the urban land as per subclauses (i) to (v) of section 2(ea). the highlighted portion above excludes two types of land from the definition of urban land . (1) The lands need to b....... + More

  • 2017 (11) TMI 811 - ITAT KOLKATA

    Surendra Pal Singh Versus DCWT, Circle-2, Siliguri

    Inclusion of cash on hand of the proprietor business of the assessee to the net wealth of the assessee - Held that - Cash in hand referred to in Section 2(ea)(vi) of the Act represents only the personal cash of the assessee emanating from his personal balance sheet. It nowhere contemplated the inclusion of cash which is held as business asset. If it is so held, then the purpose of valuation method prescribed in Schedule III Rule 14 of the Rule wo....... + More

  • 2017 (11) TMI 249 - ITAT JAIPUR

    Shri Mahesh Kumar Gupta Versus The Deputy Commissioner of Wealth-tax, Circle-2, Jaipur

    Addition in return wealth of the assessee by treating unapproved/agriculture plots/lands as taxable assets - Held that - The asset is exempt in view of the provisions of Section 2(ea)(iv) of Wealth tax Act. As on this land the construction is not permissible. Secondly, the assessee has disputed the valuation adopted by the Assessing Officer. We have given our thoughtful consideration to the contention of the assessee. We find that the Assessing O....... + More

  • 2017 (11) TMI 241 - ITAT DELHI

    Ms. Megha Garg C/o. Shri Tej Mohan Singh Versus The DCWT, Circle-25 (1) New Delhi

    Initiation of reassessment proceedings under section 17 of the Wealth Tax Act - non supply of reasons to believe - Held that - Copy of the reasons for reopening of the assessment under Wealth Tax have not been supplied to the assessee within the period of limitation. The submissions of the assessee made before the A.O. and Ld. CWT(A) have not been rebutted by the department through any evidence or material on record. It, therefore, stands proved ....... + More

  • 2017 (11) TMI 237 - ITAT BANGALORE

    Shri A. Abdul Rafeekh Versus The Deputy Commissioner of Wealth Tax, Central Circle 2 (2) , Bangalore

    Additions of cash in hand held and recorded in regular books of accounts and shown in the business balance sheet of the appellant - meaning of assets as defined in Section 2(ea) of the Wealth Tax Act - Held that - Having carefully examined the orders of lower authorities in the light of rival submissions, we find that the assessee is an individual and filed its return of income in the capacity of individual, though he has been doing his own busin....... + More

  • 2017 (11) TMI 227 - ITAT AHMEDABAD

    Smt. Savitaben Chandulal Patel Versus The Wealth Tax Officer

    Chargeability of wealth-tax on certain parcels of land - whether parcels of land being agricultural land are excluded from definition of Urban Land given under s.2(ea) of the Wealth Tax Act, 1957? - Held that - We notice from the purchase-deed dated 09/09/2005 with reference to agricultural land at Suratas referred to at the course of hearing on behalf of the assessee that aforesaid agricultural land was held as agricultural land and cultivated f....... + More

  • 2017 (11) TMI 221 - ITAT PUNE

    The Asst. Commissioner of Income Tax Versus Vijay Arjundas Luthra

    Maintainability of appeal filed by the Revenue on account of tax effect - Held that - The present appeal filed by the Revenue is not maintainable, hence the same is dismissed for low tax effect. We are not adjudicating the issue on merits in this regard. The grounds of appeal raised by the Revenue are thus, dismissed........ + More

  • 2017 (11) TMI 217 - ITAT JAIPUR

    Shri Mahesh Kumar Gupta Versus The ACWT, Circle-2, Jaipur

    Addition treating unapproved/agriculture plots/lands as taxable assets - whether the assessee s having various pieces of land/plots falls under the exclusion clause of section 2(ea)(v) read with explanation (b) so as to not fall within the definition of urban land which is otherwise exigible for wealth tax? - Held that - We are presently not going into the debate of prohibition vs permission for carrying out construction on these assets as sought....... + More

  • 2017 (11) TMI 216 - ITAT PUNE

    The Wealth Tax Officer, Ward 1 (1) , Jalgaon Versus Shri Chandrakant Dinkar Nehete

    Valuation of asset for the purpose of Wealth Tax - valuation at value as per Govt Approved Valuer s report filed for obtaining loan from bank or the value shown by the appellant in the returns of wealth on the basis of value of the property for stamp duty purpose - Held that - The perusal of Form No.E filed before the CWT(A) reflects that the issue raised by the assessee was against the order of WTO in making addition of ₹ 27,62,680/- to th....... + More

  • 2017 (11) TMI 214 - ITAT VISAKHAPATNAM

    G. Ravinder Reddy Versus DCWT, Visakhapatnam

    Assessment of advances paid for purchase of plots - whether the advances made for purchase of plots constitute an asset or not within the meaning of section 2(ea) of the Act for the purpose of wealth tax act? - Held that - From the plain reading of section 2(ea) of the W.T. Act, the taxable assets are the building or land appurtenant thereto, motor cars, jewellery, bullion and furniture or any other article made of gold, silver, platinum or any o....... + More

  • 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


    The Pr. Commissioner of Income Tax, Vijayawada Versus Sri. Devineni Avinash

    Nature of land - whether property of the assessee at Shaikpet is an urban land, is not an asset within the meaning of Section 2(ea) of the Wealth Tax Act, 1957? - Held that - In an agreement for joint development of a property, the owner merely agrees to part with 50 or whatever of his undivided share in the land, so as to enable the builder to put up construction and handover an agreed percentage of super built area. Agreements for joint constru....... + 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

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