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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 .....


2015 (4) TMI 61 - MADRAS HIGH COURT

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.....


2015 (2) TMI 816 - ANDHRA PRADESH HIGH COURT

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.....


2015 (2) TMI 122 - GUJARAT HIGH COURT

DY. CWT Versus SODIUM METAL PVT. LTD.

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.....


2015 (2) TMI 73 - KERALA HIGH COURT

THE COMMISSIONER OF WEALTH TAX COCHIN AND THE WEALTH TAX OFFICER, WARD-1, MATTANCHERRY Versus MR. NAZIM ZACHERIA AND M/s. ABAD FISHERIES

Interest claim on refund - Whether the assessee is entitled to interest under Section 34A(4B)(a) of the Wealth-Tax Act, 1957 when the assessee had submitted return of self assessment - Held that - With respect to refund and interest payable on refund.....


2015 (2) TMI 51 - ITAT DELHI

Subrata Roy Sahara Versus DCWT Cent. Circle-6, New Delhi

Enhancement in value of land - Whether the first appellate authority has erred in confirming the addition made by the AO towards enhancement in the value of the land owned by the firm where the appellant is a partner - Held that - Tribunal has upheld.....


2015 (2) TMI 22 - ANDHRA PRADESH HIGH COURT

The Trustees of HEH Versus The Commissioner Of Income Tax

Wealth tax assessment - Wedding Gifts Trust - Levy of tax u/s 21 of the Wealth Tax Act - Whether the assessment has to be made under sub-section (1) or sub-section (4) thereof - Held that - The terms of the Trust Deed are very clear and unambiguous. .....


2014 (12) TMI 463 - ITAT MUMBAI

Mr. Shah Rukh khan Versus Asst. Commissioner of Wealth Tax

Enhancement in net worth of Shah Rukh Khan-assessee - Addition on account of residential house and jewellery purchased by the wife Gauri Khan of the appellant from a loan given to her by the assessee - Transfer of asset - Escapement of assessment - H.....


2014 (10) TMI 435 - ITAT MUMBAI

ST. Holding Pvt. Ltd. Versus Assistant Commissioner of Wealth Tax

Valuation of property - Section 2(ea) of Wealth Tax Act, 1957 - whether security taken for lease of asset would be treated as debt - Held that - a security deposit taken by the assessee-lessor leads to an inflow of funds with it. He is thus without d.....


2014 (10) TMI 403 - ANDHRA PRADESH HIGH COURT

The Commissioner of Wealth Tax, Andhra Pradesh-I, Hyderabad Versus Trustees of Prince Moazam Jah Trust, Hyderabad

Determination of share of beneficiaries in a trust for the purpose of wealth tax - Applicability of section 21(4) - Whether the Tribunal is correct in holding that the Trust is a specific one and that the beneficiaries are known and their shares are .....


2014 (8) TMI 768 - ITAT MUMBAI

WTO-8(3) (2), Mumbai Versus M/s. SN. Desai Hospitalities & Developers Pvt. Ltd.

Deletion the value of the land for Wealth Tax - Exempt u/s 2(2ea)(ii) - Whether CWT(A) erred in directing the AO to delete the value of the land for Wealth Tax purposes as being exempt ujs. 2(2ea)(ii) of the W. T. Act, without appreciating the findin.....


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