2017 (8) TMI 472 - DELHI HIGH COURT
Commissioner of Wealth Tax (C) -1 Versus Sahara India Financial Corporation Ltd.
Condonation of delay - re-filing the appeal is regarding the practice directions issued by the Court pertaining to filing of soft copies of the paperbooks in tax matters - Held that - Sufficient advance notice had been given to the litigants and Advocates about the filing of soft copies of the paperbooks. Further, the Registry of the Court had made appropriate arrangements for scanning services at the filing counters to facilitate the making of s....... + More
2017 (6) TMI 978 - MADRAS HIGH COURT
M/s. Balaji Industries Ltd. (Amalgamated with Balaji Hotels & Enterprises Ltd.) Versus The Deputy Commissioner of Wealth Tax
Assessment to wealth tax of amalgamated company - whether Tribunal is right in law in not considering the issue of the valuation of the properties which are under challenge in appeals? - Held that - The present case relates to the period prior to the date of amalgamation. Returns were also filed prior to the amalgamation and the notices were issued before the date of amalgamation when the assessee existed during the assessment. Amalgamation was d....... + More
2017 (6) TMI 687 - GUJARAT HIGH COURT
Shantadevi P. Gaekwad Versus W.T.O.
Royal Buggy - art work - whether the Royal Buggy in question was not exempted under section 5 (1) (xii) of the Wealth Tax Act, 1957, because, it was covered under the first proviso to clause (viii) of sub-section (1) of Section 5 of the said Act? - Held that - Since incidental overlapping is unavoidable, the attempt on the part of the Court in such case would be to ascertain in which clause the article would more appropriately be covered. Clause ....... + More
2017 (3) TMI 1419 - ITAT RAJKOT
WTO, Ward-2 (1) (2) , Rajkot Versus Shri Mandhatasinji M. Jadeja and Smt. Kadambaridevi M. Jadeja
Penalty imposed under s.18(1)(c) of Wealth Tax Act - concealment of any particulars of wealth per se - CWT(A) directed the AO to cancel the penalty - Held that - No infirmity in the reasoning of the CWT(A). The CWT(A), in our view, has appreciated the facts in perspective. It is not a case where any wealth was kept hidden from the knowledge of the Department. It is merely a case where the assessee has initially agitated the taxability of cash in ....... + More
2017 (1) TMI 1366 - ALLAHABAD HIGH COURT
Commissioner of Wealth Tax Versus Smt. Comilla Mohan
Addition in respect of the Wealth of Two Trusts - Held that - Similar question relating to same Assessee has already been answered by this Court in Commissioner of Income Tax Vs. Comilla Mohan 2007 (1) TMI 111 - ALLAHABAD High Court ....... + More
2017 (1) TMI 241 - RAJASTHAN HIGH COURT
Commissioner of Wealth Tax Jaipur-I, Jaipur Versus Prabha Devi Golecha
Additions made in the net wealth of the assessee on account of undisclosed credit balance in the books of the firm M/s Salas S.A. Of Geneva and on the basis of information supplied by Mr. John Ashlyn of M/s Salas S.A. Geneva - ITAT deleted the addition - Held that - Additions were made in income-tax assessments as well as wealth-tax assessments of some connected assessees of this group on the basis of the statement of Mr. John Ashlyn. Several ord....... + More
2016 (12) TMI 1134 - GUJARAT HIGH COURT
Vasudev G. Gajjar Versus D.C.W.T.
Stock Exchange Card of Ahmedabad Stock Exchange liability to Wealth Tax Act - Held that - So long as assessee holds Membership Card and is non defaulting Member such a Membership Card can be said to be an assets within the definition of Section 2(e) of the Act, 1957 and on the same the assessee is liable to pay Wealth Tax. The question answered in favour of Revenue and against the assessee........ + More
2016 (12) TMI 399 - ALLAHABAD HIGH COURT
Devendra Verma Versus Wealth Tax Officer, Ward-1, Shamli
Chargeability of interest from the legal representative of the deceased assessee - deceased assessee having not filed his return within prescribed time and in his life time - Held that - It is settled law that a fiscal statute has to be strictly construed. It is the plain language of the provision, which has to be preferred and specially where the language is plain and is capable of one definite meaning, strict interpretation is to be given, ther....... + More
2016 (11) TMI 708 - ALLAHABAD HIGH COURT
Commissioner of Income Tax (C) Kanpur Versus Late Shri Padampat Singhania through L/H Dr. G.H. Singhania
Wealth tax assessment - ITAT held that certain provisions of building bye laws framed by J.D.A in Jan, 1996 were to apply retrospectively for Wealth Tax assessment on valuation date 31.3.1987 - applacability of provision of bye laws of J.D.A of Jan, 1996 - Held that - In the present case, in our view, Regulations 1996 for the purpose of assessment of valuation of disputed property are not at all applicable unless it is shown that the disputed pro....... + More
2016 (11) TMI 143 - ITAT DELHI
Anil Arora Versus WCIT, Central Circle-02, New Delhi
Addition of taxable wealth of the assessee because of surrender of the cash found in locker during the course of search - Held that - The undisputed fact is that that assessee tried to explain the amount of cash seized from the locker with syndicate bank which was in the name of the assessee and the amount of ₹ 30 lakhs was found there from. Further, the explanation of the assessee was also not found to be correct that money belongs to the ....... + More
2016 (11) TMI 63 - ITAT HYDERABAD
The Wealth Tax Officer Versus Mr. Y. Ravichand
Exemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act - CIT(A) treating it as a basic exemption limit and deleting the addition made by the A.O. in respect of such limit - Held that - It is an asset being plot of land comprising of an area of 500 sq. mts or less which is exempt from tax and not up to 500 sq. mts or less. Therefore, the finding of the CWT(A) is not tenable since the assessee p....... + More
2016 (10) TMI 278 - ITAT KOLKATA
M/s. Navin Vanijya Pvt. Ltd. Versus A.C.W.T., CC-IV, Kolkata
Asset for the purpose of wealth tax - whether house property which has been let out to a tenant would be outside the ambit of wealth tax under section 2(ea)(i)(v) of the Wealth Tax Act? - Held that - Considering the submission of assessee that the memorandum explaining the provision in the finance No.2 Bill, 1998 under the head incentives proposed under the Wealth Tax Act , it is clarified that wealth tax is not levied on productive assets. In vi....... + More
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 falling under the ULCAR Act, the fair market value of the property would be depressed on account of such restrictions/considerations. Admittedly, in the instant case, it was not open to the assessee to ....... + More
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 distribution of the debts is not required to be undertaken separately. It is a fundamental principle of law that no part of a Statute should be construed as carrying no meaning at all. Every provision mus....... + More
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 also pahanis for the relevant A.Ys. However, we find that the CIT (A), has neither verified the veracity and authenticity of the said documents by herself, nor has she called for a remand report from....... + More
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-examination by the Assessing Officer in the light of the fact that Bachupally village is not in the Qutubullapur Municipality and also not one among the 8 Gram Panchayats notified in 16.04.2007 notific....... + More
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 valuation of the lands of the petitioner on the basis of the directions given by CWT (Appeals) in case of the assessee himself for the assessment year 1992-93. It was pursuant to such directions that ....... + More
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 Division Bench judgment of this Court The Commissioner of Wealth Tax, Patiala versus M/s Industrial Cables (India) Limited 2013 (4) TMI 832 - PUNJAB AND HARYANA HIGH COURT ....... + More
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 that - This Court is in complete agreement with the findings recorded by the Tribunal which is just and proper and therefore we accordingly answer the question raised in this appeal in favour of the a....... + More
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) were brought on the statute only with effect from 01.04.1999 through the Finance (No.2) Act, 1999 - Held that - Since the subject property did not fall within any of the three excluded categories enume....... + More
