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Wealth-tax - Case Laws
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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
- 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
- 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
- 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
- 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
- 2020 (3) TMI 1048 - ITAT HYDERABAD
Wealth tax assessment - urban land is held by the assessee attracts provisions of section 2(ea) of the Wealth Tax Act or not - HELD THAT:- As assessee has not produced any documentary evidence to establish that the lands are used for the agricultural purposes. The CIT(A), therefore, correctly confirmed the orders of AO in both the years under consideration that urban lands owned by the assessee are not at all used for agricultural purposes, therefore, the retrospective amendment made by the Finance Act, 2013 in Explanation 1 to section 2(ea) does not applicable to the case of the assessee. Accordingly, the AO completed the wealth tax assessment vide his order dated 30/12/2011 u/s 16(5) of the Wealth Tax Act, 1957 and made the addition correctly - Decided against assessee
- 2020 (3) TMI 1047 - ITAT HYDERABAD
Wealth tax assessment - assessee is a non-resident Indian residing in Jeddah, Saudi Arabia - assessee was owning assets exceeding the taxable limits - HELD THAT:- The assessee is having 5 properties, which according to the AO are taxable under the Wealth Tax Act and comes within the purview of section 2(ea) of the WT Act. We are of the view that the revenue authorities without appreciating the facts as well as the explanation offered by the assessee, passed the orders. In respect of properties mentioned at 4 & 5 of the table (supra), the assessee has filed unregistered stamp paper, it shows that he has gifted the properties to his son as well as to his nephew. However, the revenue authorities without taking into consideration the material evidence and explanation offered by the assessee, made the additions. Under these facts and circu....... + More
- 2020 (3) TMI 582 - BOMBAY HIGH COURT
Wealth tax assessment - Valuation of the shares - HELD THAT:- The case of applicant's wife has held that Rule 1D of the Wealth Tax Rules, 1957, is prospective in nature and therefore, the same could not have been applied for undertaking valuation of the shares for the assessment years 1964-65, 1965-66 and 1966-67. However, the Tribunal, Pune Bench has held that Rule 1D of the Wealth Tax Rules could have been applied for the assessment years 1967-68 and 1968-69. On this basis, the Tribunal, Pune Bench, in fact, partly allowed the Appeals instituted by the applicant's wife, insofar as assessment years 1964-65, 1965-66 and 1966-67 are concerned, but, dismissed the Appeals for the assessment years 1967-68 and 1968-69. Once, the Tribunal, Pune Bench ruled that Rule 1D of the said Act could have been invoked prospectively and such view ....... + More
- 2020 (3) TMI 581 - KARNATAKA HIGH COURT
Maintainability of appeal - monetary limit - low tax effect - HELD THAT:- Revenue contention that said Circular is prospective and cannot be made applicable to the pending matters, which we are not inclined to accept in the light of law laid down by Coordinate Bench of this Court in the case of COMMISSIONER OF INCOME TAX & ANOTHER V/S RANKA & RANKA [2011 (11) TMI 449 - KARNATAKA HIGH COURT] wherein it has been held that scope of Circular issued by Central Board of Direct Taxes would be applicable to the pending proceedings, which also came to be affirmed by Apex Court in the case DIRECTOR OF INCOME TAX V/S S.R.M.B DAIRY FARMING (P) LTD. [2017 (11) TMI 1494 - SUPREME COURT] . In fact, Central Board of Direct Taxes has also issued an instruction bearing No.F.No.279/MISC/M-93/2018-ITJ dated 20.08.2019 intimating all the Principal Chi....... + More
- 2020 (3) TMI 580 - ITAT HYDERABAD
Net taxable wealth - Assessment of net taxable wealth on the immovable property - ½ share of flat at Khairatabad - HELD THAT:- It is not in disputed that the house was not under repair. In these circumstances, it cannot be presumed that the house is habitable. In such situation, it cannot be treated as a residential property in the true sense. Further, the Ld. WTO has adopted the market value on estimate basis without any supporting evidence which is not justifiable. Considering the above facts of the issue, we are of the considered view that the aforesaid residential house cannot be treated as an asset exigible for wealth tax. However, only the undivided share in the land attributable to the residential flat shall be exigible for wealth tax which the Ld. WTO shall estimate after obtaining the value from the Stamp Valuation Authori....... + More
- 2020 (2) TMI 1058 - BOMBAY HIGH COURT
Wealth tax assessment - valuation of land - value of the asset as on the valuation date - Addition on the basis of the instance of sale occurred subsequent to the date of valuation when the impugned land was subject to Urban Land (Ceiling and Regulation) Act, 1976 as on the date of valuation - HELD THAT:- There could not have been a better guide for the Wealth Tax Officer for adopting the market value of the property in question than the actual sale itself which occurred within a few months from the relevant date of the valuation. In present case though the actual sale might have taken place after the valuation date, substantial amount of money was paid prior to the valuation date as an advance consideration. The view taken by the Tribunal cannot be faulted. A conjoint reading of section 7 and section 2(q) of the Act would indicate that t....... + More
- 2020 (2) TMI 540 - ITAT DELHI
Wealth tax assessment - exemption of 5(vi) for the purpose of self occupied residential property - HELD THAT:- We find that assessee has already exercised the option under Section 5(vi) of W.T. Act in respect of property at Shimla. The option having already been exercised by the assessee in the return; and also the option having not been altered from the assessee’s side by way of any revised return to claim the exemption under Section 5(vi) of W.T. Act in respect of Aralias DLF property at Gurgaon; we are of the view that in these facts and circumstances, the contention of the assessee to allow exemption under Section 5(vi) of W.T. Act on account of self occupied property in respect of Aralias DLF property at Gurgaon cannot be permitted at this stage. As both sides have agreed before us at the time of hearing, the Assessee is eligib....... + More
- 2019 (12) TMI 1135 - BOMBAY HIGH COURT
Wealth tax assessment - Period of limitation - Order was passed beyond period of one year as required u/s 17A(2) of the WT Act, and consequently the penalty proceedings initiated u/s 18(1)(c) - ITAT which has, confirmed the order made by the Commissioner (Appeals), remanding the matter to the Wealth Tax Officer for re-examination and re-assessment after providing adequate opportunity of being heard to the appellant - HELD THAT:- In the impugned order, we are of the opinion that, the observation made therein that explanation (3) to Section 18 of the Wealth Tax Act is applicable, is really a prima facie observation. This is clear from the fact that both the Commissioner (Appeals) as well as the ITAT have directed the Wealth Tax Officer to re-examine the matter, after providing adequate opportunity of being heard to the appellant herein. ITA....... + More
- 2019 (12) TMI 1134 - ITAT COCHIN
Penalty u/s 18(1)(c) of Wealth tax Act - Defective notice - HELD THAT:- In the present case, section 18(1)(c) of the Wealth Tax Act is para materia with section 271(1)(c) of the Income Tax Act. Being so, the facts for imposing penalty u/s. 271(1)(c) of the Act will be applicable to the facts of the present case. As seen from the above notice for imposing penalty u/s. 18(1)(c) of the Wealth Tax Act, the Assessing Officer has not struck out the irrelevant portion of the notice. In other words he has not specified whether he is levying penalty for concealment of particulars of income or furnishing of inaccurate particulars of income. As held in the case of CIT & Anr. vs. M/s. SSA’s Emerald Meadows [2015 (11) TMI 1620 - KARNATAKA HIGH COURT] that the notice issued by the Assessing Officer u/s. 274 r.w.s 271(1)(c) is to be bad in law....... + More
- 2019 (12) TMI 603 - ITAT DELHI
Wealth tax assessment - notice has not been issued within the time limit prescribed as per the act - HELD THAT:- Provisions of section 42 of the act saves only validly issued notices within the time limit, if, not served upon the assessee, not served upon him in time and served upon him in an improper manner, if not objected before WTO. Notice itself has been issued beyond the time prescribed u/s 16(2) of the Wealth Tax Act. Thus, according to us the provision of section 42 does not apply to a situation where the notice has not been issued within the time limit prescribed as per the act. The ld CWT (A) has erred in invoking of provisions of section 42 of the WT Act to such notice, which has been issued beyond the time limit prescribed u/s 16(2) of the WT Act. Accordingly, we hold that as the ld Wealth Tax Officer has failed to issue the n....... + More
- 2019 (11) TMI 1155 - ITAT PUNE
Net wealth assessment - value of the land as on the date of valuation - whether the same is includable as net wealth in the hands of the assessee in the absence of permission received for construction from the competent authority or any construction being carried out, as on the valuation date ? - HELD THAT:- As decided in own case for AY 2014-15 we direct the Assessing Officer to include the value of the aforesaid lands in the hands of the assessee in the respective years. However, for the purpose of determining the value as on the valuation date, the assessee shall file the valuation report from the Registered Valuer or the Assessing Officer may obtain the necessary valuation report from the DVO in this regard and compute the net wealth and Assessing Officer is also directed to allow the value of debts as on the dates of purchase of plot....... + More
- 2019 (11) TMI 1124 - ITAT BANGALORE
Wealth escaping assessment - Lack of jurisdiction of ACIT, Circle-9(1), Bengaluru who issued notice u/s 17 of WT Act - HELD THAT:- We find merits in the submissions made on behalf of the assessee that the validity of notice issued under section 17 of the Act is primarily required to be adjudicated before a decision can be rendered on the merits of the additions made in the assessment. Under section 124 of the Income Tax Act, 1961 when a challenge to jurisdiction is raised, it is incumbent on the part of the AO to adjudicate the same or he has to make reference of the issue of determination of jurisdiction to the authorities specified under section 124(2) of the Income Tax Act, 1961. In the light of the above statutory provisions, we are of the view that it is incumbent on the part of the CWT(A) to have adjudicated on this issue CWT(A), in....... + More
- 2019 (11) TMI 1121 - ITAT CHENNAI
Net Wealth determination - valuation of property - Fair market value versus Circle rate - It was submitted that, assessee was not even in a position to avail the loan against this property, as the said land had encroachments on it - HELD THAT:- In the absence of production of any material in support of the assessee’s contentions, the AO has adopted the circle rate available in www.tnreginet.net as the market value and assessed the value for each of the impugned assessment year. The ld.CWT(A) has held that the assessee canvassed certain factors for adoption of lower value, however, he has not proved either to the satisfaction of the AO or to the satisfaction of the ld CWT(A) that what is canvassed by him is the fact and hence he upheld the action of the AO for the assessment years 2007-08 to 2012-13, respectively. Even before us also....... + More
- 2019 (11) TMI 44 - ITAT DELHI
Jewellery estimation - Revised valuation in respect of all the items of jewellery whether or not covered by the FIRs - reduced value of the jewellery for the purpose of determining the net wealth of the assessee and passed the assessment orders - valuation figures as supported by valuation report of Registered Valuer and WTO - HELD THAT:- In respect of the value of such items of jewellery as are not covered by the FIR, it occurs to our mind that there is inherent inconsistency in the approach of the Ld. CIT(A), because while referring to schedule III of the Act in the light of Section 7 read with Rule 18 thereof, CIT(A) made an observation that the jewellery shall be valued on the estimation of the price which it would fetch if sold in the open market on the valuation date. If it would be so, we do not find any logic in the CIT(A) directi....... + More
- 2019 (10) TMI 1257 - KARNATAKA HIGH COURT
Maintainability of appeal - monetary limit - low tax effect - HELD THAT:- Appellants submit that the appeal is not maintainable in view of the monetary limits in terms of Circular No.17 of 2019 dated 08.08.2019 passed by Director (ITJ), Central Board Direct Taxes, New Delhi and also in terms of the Circular No.5 of 2019 dated 05.02.2019 passed by the Deputy Commissioner of Income Tax(OSD)-(ITJ), Central Board Direct Taxes. In view of the submission made, the appeal is dismissed as such.
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