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Wealth-tax - Case Laws


2016 (5) TMI 45 - ITAT AHMEDABAD

Chamunda Pharma Machinery P. Ltd. Versus ITO, Ward-1 (3) , Ahmedabad

Addition of urban land to the net wealth of the appellant-company - Held that - It is assessee s contention that assessee has incurred substantial expenditure on construction of factory building and in subsequent years the business of the assessee is being shown from that building. It is also assessee s submission that it had furnished the details of the construction expenses of factory building which has not been considered by CIT(A). Before us, Revenue has not placed any material on record to controvert the submissions of ld. A.R. We further find that there is no finding of ld. CIT(A) on the ....... - .......


ACIT, Circle-1 (1) , Vijayawada Versus Thatavarthi Chandrasekhara Rao

Inclusion of Agricultural lands for the purpose of wealth tax - A.O. was of the opinion that though, the lands are agricultural lands, they are situated within the 8 kms. from the local limits of the municipality, therefore, liable for wealth tax - contention of the assessee that the lands are classified as agricultural lands and also used for agricultural purpose as per the revenue records of the Government - Held that - We find force in the arguments of the assessee for the reason that the Finance Act, 2013, with retrospective effect from 1.4.1993, has amended the definition of urban lands a ....... - .......

2016 (4) TMI 1114 - ITAT DELHI

WTO Ward-6 (4) New Delhi Versus Mid Air Properties Pvt. Ltd.

Basis of valuation - determination of value of assets - Held that - In this case, the assessee has produced all the records including the agreement between the API & that the assessee company, the confirmation as well as the affidavit categorically stated that the land was only acquired by the assessee company and the same will be given only to API & for that ₹ 20,000/- per acre will be given to the assessee company by API. This fact was never denied or tested by the Assessing Officer. The assessee was never the owner of the land and thus the valuation in respect of Wealth Tax wa ....... - .......

2016 (4) TMI 941 - ITAT DELHI

Wealth Tax Officer, Ward-2, Fatehabad Versus Shri Kulbir Singh & Rajinder Singh, S/o Shri Mangal Singh, L/Hs of late Smt. Thakur Kaur, D/o Late Shri Ram Singh

Agriculture land situated within the limits of Municipal Corporation of Amritsar - whether CWT(A) has erred in holding that the agriculture land situated within the limits of Municipal Corporation of Amritsar is not taxable thereby allowing the relief by ignoring the provisions of section 2(ea) of the Wealth-tax Act whereby w.e.f. 1.4.93, the urban land is included in the definition of assets ? - Held that - As per proviso to clause (b) of Section 2(ea), the land which is classified as agricultural land in the record of the government and used for agricultural purposes will not be considered a ....... - .......

2016 (4) TMI 896 - ITAT BANGALORE

M/s. Triad Resorts & Hotels P. Ltd., M/s. Noorani Properties P. Ltd., M/s. Verde Developers P. Ltd. Versus Wealth-tax Officer, Ward 12 (2) , Bangalore

Computation of net wealth of the assessee-company - whether the lands, which are undisputedly urban land within the meaning of provisions of 2(e)(a) of the Act, which are subject matter of JDA can be included in the net wealth of the assessee-company ? - Held that - It is settled principle of law that the finding in income-tax proceedings is not relevant for the purpose of wealth-tax proceedings but the crucial facts to be noticed in this case is that the assessee company was not able to demonstrate before us that the lands were held as stock-in-trade by the assessee-company with any material. ....... - .......

2016 (4) TMI 848 - ITAT PUNE

The Assistant Commissioner of Wealth Tax, Circle 1, Jalgaon (Maharashtra) Versus Shri Pradeep Dinkar Nehete

Reference the matter to the DVO for proper valuation of the properties - Whether the Commissioner of Wealth Tax (Appeals) has erred in placing reliance on the valuation given by the assessee in the return based on Govt. ready reckoner by rejecting the valuation given by the Approved Valuer? - Held that - No error has been committed by the Commissioner of Wealth Tax (Appeals) in directing the Assessing Officer to obtain the report of DVO to ascertain the fair market value of properties under question. - The assessee has offered his properties as co-lateral security for securing the loan from th ....... - .......

2016 (4) TMI 802 - ITAT DELHI

M/s Kailash Enterprises (New Delhi) Pvt. Ltd. Versus Wealth Tax Officer, Ward-5 (1) , New Delhi.

Deduction of liabilities on pro rata basis - Held that - Following the ratio of the judgment in the case of CIT vs. Vaidyanathan (1982 (11) TMI 1 - MADRAS High Court) we hold that liabilities can be deducted on pro-rata basis. In identical circumstances, it has been held by the ITAT, Mumbai Bench in the case of Lloyds Realty Ltd. vs. DCIT (2003 (7) TMI 264 - ITAT BOMBAY-WT ) that the debts owed by the assessee have to b ....... - .......

2016 (4) TMI 731 - ITAT MUMBAI

M/s. Podar Mills Ltd. C/o. Sharma Shah & Associates Versus Asstt. Comm. of Wealth Tax, Central Circle 34, Mumbai

Enhancement of value of land - Held that - The land earlier was held by the assessee as non-productive capital asset which was subjected to the wealth tax. However, the assessee had converted 29000 sq. yds. of the land into stock in trade on 31.05.06 and therefore for the relevant assessment year 2007-08, the 29000 sq. yds of the land no longer remain a non-productive capital asset but a business asset in the shape of stock in trade capable of yielding taxable business income and thus exempt from wealth tax. In the wording in relation provided under the exclusion clause, any land held by asses ....... - .......

2016 (4) TMI 694 - ITAT MUMBAI

Ambuja Cements Rajasthan Ltd. Versus Assistant Commissioner of Wealth Tax-LTU, Mumbai

Validity of initiation of the proceedings u/s. 17 of W.T. Act - notice issued in the name of a non-existent amalgamating company - Held that - Notably, ACRL, which was visited with the notice u/s. 17 of the Act had since amalgamated with ACL on 1.6.2004 in terms of an amalgamation scheme sanctioned by the BIFR. It is a trite law that initiation of the proceedings for reopening of the assessment hinges upon the service of a valid notice in terms of Sec. 17 of the Act. Ostensibly, the notice issued to a person who is not in existence at the time of issuance of such notice renders such initiation ....... - .......

2016 (4) TMI 654 - ITAT PUNE

M/s. Hindustan Antibiotics Ltd. Versus The Asst. Commissioner of Wealth Tax, Circle 9, Pune

Treatment of land acquired by the Government of India under the Land Acquisition Act, 1894 - whether falls within the definition of net wealth of the assessee company under the Wealth Tax Act, 1957? - Held that - The assessee does not hold any ownership rights in the said portion of land and it is absolutely with the Government. Once the ownership of land is vested with the Government and where only possession of the said land has been given to the assessee, we find merit in the plea of the assessee that the said land does not belong to the assessee in order to make it liable to the provisions ....... - .......

2016 (4) TMI 629 - ITAT HYDERABAD

Shri Chamakura Bhadra Reddy, Shri Chamakura Mahender Reddy Versus Dy. Commissioner of Wealth-tax, Central Circle 1, Hyderabad

Revision u/s 25(2) of the Wealth Tax Act, 1957 - Assessing Officer revalued some properties by adopting a higher value and many other properties were revalued by enhancing the values by 25 of the values declared - Commissioner was of the view that, the assessments framed in these cases were erroneous and prejudicial to the interests of the Revenue, and accordingly issued notices for revision under S.25(2) - Held that - As decided in assessee s own case as the impugned lands are also being agricultural lands, they have been excluded from the wealth tax by the Ld. CIT(A) in earlier years. In vie ....... - .......

2016 (4) TMI 595 - ITAT KOLKATA

M/s. Meenakshi Properties Pvt. Ltd. Versus W.T.O Ward 3 (1) , Kolkata

Eligibility of exemption within the meaning of section 2(ea)(i)(4) of the W.T Act on residential property of the assessee - property given on rent for more than 300 days in a year for commercial purposes - Held that - We find from the copy of lease deed that the property in question has been let out on rent to M/s. Eli Lily & Co. (India) Pvt. Ltd w.e.f 1-6-2002, which is more than 300 days in a year. Accordingly, we hold that the assessee is entitled for exemption u/s. 2(ea)(i)(4) of the W.T Act 1957. We find that the date reckoned by the ld.AO as 13/06/2002 is only the date of payment/cre ....... - .......

2016 (4) TMI 550 - ITAT KOLKATA

M/s. Veerprabhu Marketing Ltd Versus J.C.W.T (OSD) , Cir-8, Kolkata

Exemption u/s 2(ea)(i)(5) of the Wealth Tax Act - CWTA bringing the warehouse to wealth tax by not treating the same as a commercial establishment warranting exemption u/s 2(ea)(i)(5) of the Act - Held that - In the instant case, it is not in dispute that the Learned AO had accepted the rental income derived from letting out of the warehouse as income from business. It is not in dispute that the assessee had indeed derived income from handling and transportation of food grains and claiming deduction u/s 80IB of the IT Act, 1961 which is also granted by the Learned AO in scrutiny assessment pro ....... - .......

2016 (4) TMI 500 - ITAT AHMEDABAD

Arunkumar V. Talati L/H of Late Savitaben Vrajlal Talati Versus Wealth Tax Officer, Ward -1 (2) (1) , Baroda

Reassessment - addition of alleged urban land - contentions of the assessee to treat the land as land occupied by any building which has been constructed with the approval of the appropriate authority and thus excludible from urban land exigible to wealth tax - Held that - We are, however, not persuaded by learned counsel s submission. The words are clear and unambiguous. A piece of vacated land cannot be excluded from taxable wealth simply because building has been constructed thereupon subsequently. As for the genuine hardship being faced by the assessee, we need not commiserate with the ass ....... - .......

2016 (4) TMI 455 - ITAT DELHI

M/s Kailash Enterprises (New Delhi) Pvt. Ltd. Versus Wealth Tax Officer, Ward-5 (1) , New Delhi

Deduction on pro-rata basis - Held that - On the overall facts and circumstances of the case and respectfully following the ratio of the judgment in the case of CIT vs. Vaidyanathan (1982 (11) TMI 1 - MADRAS High Court ) we hold that liabilities can be deducted on pro-rata basis. In identical circumstances, it has been held by the ITAT, Mumbai Bench in the case of Lloyds Real ....... - .......

2016 (4) TMI 412 - ITAT DELHI

Asstt. Commissioner of Income Tax, Circle-12 (1) , New Delhi Versus M/s. GE Countrywide Consumer Financial Services Ltd. (Now known as GE Money Financial Services P. Ltd.)

Computation of WDV of the Motor Cars under section 32 or as per rule 20 of the Wealth tax Rules - CIT(A) deleted the addition made by the A.O. in the valuation of the motor cars - Held that - We agree with the contention of of ld AR that the assessee could not gather the information in respect of the insured value of the vehicles being large number of leased out vehicles. The value of motor cars adopted by the assessee has been upheld by the CWT(A) in view of the judgment of case of T.V. Sundaram Iyenger and Sons Ltd. (2006 (1) TMI 45 - HIGH COURT, MADRAS). wherein the WDV of cars was held as ....... - .......

2016 (4) TMI 333 - ITAT DELHI

Avantika Dalmia Versus DCWT, New Delhi

Addition to the declared value of the jewellery while framing the assessment - Requirement of obtaining report of registered valuer for value of jewellery exceeding ₹ 5 lakhs - Held that - It is seen from the records and has also been found by the Assessing Officer as correct that the valuation of stones in the wealth tax return in respect of valuation date as on 31.3.12 has been based on the last valuation report on 31.03.08. Hence, we agree with the contention of the Ld. AR that as per the procedure for valuation spelt out in Circular No. 646 of 1993, the assessee is permitted to use t ....... - .......

2016 (4) TMI 294 - DELHI HIGH COURT

Wular Trust, Tista Trust, Sahyadri Trust, Himalaya Trust, Vindhya Trust, Vihar Trust, Tulsi Trust, Vaitarna Trust, Dal Trust, Pawai Trust, Tansa Trust, Gopuri Trust Versus Additional Director of Wealth Tax (Exemp.) And Others

Entitlement to exemption under Section 5 (1) (i) of WT Act - Non filing of wealth tax returns - entitlement to Section 11 - Held that - It appears to the Court that the Petitioner is not entitled to any reliefs as claimed in the petition. Under the Finance (No. 2) Act of 1991, an amendment was brought about in Section 13 (1) (d) of the IT Act whereby clause (iia) was inserted in the proviso with retrospective effect from 1st April 1983 which provided that for a charitable trust to retain its exemption under Section 11 (5) of the IT Act, it was required to disinvest its shares/assets, after the ....... - .......

2016 (4) TMI 293 - ITAT AHMEDABAD

Hitachi Home & Life Solution (I) Ltd. Versus Asst. Com. of Wealth Tax, Circle- 4, Ahmedabad

Penalty proceedings u/s 17 of the Wealth-tax Act, 1957 - Held that - From going through the submissions of the ld. AR as well as the observations made by ld. CWT(A) we find that assessee company passed through scrutiny assessment u/s 143(3) of the I.T. Act, 1961 and during the course of assessment proceedings ld. Assessing Officer observed that assessee company owns motor cars (vehicles having WDV at ₹ 1.51 cr.) and also assessee company owns Guest House. There was no record available showing that any wealth tax return has ever been filed and in view of these reasons and notice u/s 17 of ....... - .......

2016 (2) TMI 841 - ITAT HYDERABAD

Asst. Commissioner of Wealth-tax, Circle 6 (1) , Hyderabad Versus Uma Challa, Hyderabad

Addition of plot of land (agriculture) and a house in the net wealth - it was submitted that the investment in the property at Jubilee Hills was utilized for exemption u/s 54 of IT Act which was upheld by ITAT, Hyderabad. Thus, as the said property is a house eligible for exemption u/s 5(vi) of the Wealth Tax Act, 1961. - Held that - residential house is not includible into the net wealth - the land classified as agricultural land and used for the purpose of agriculture would not fall within the meaning of asset and would be exempt from wea ....... - .......


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