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Wealth-tax - Case Laws

Showing 1 to 20 of 3489 Records

  • 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

  • 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

  • 2017 (9) TMI 1240 - DELHI HIGH COURT

    Commissioner Of Wealth Tax Versus Atma Ram Properties (P) Ltd.

    Wealth tax assessment - Whether the Scindia House Property of the Respondent-Assessee is its business asset/stock-in-trade and cannot form part of its wealth for the purposes of the WTA? - whether the amendment to sub-section 3 of Section 40 by the Finance Act, 1988 (FA 1988) by way of insertion of a proviso to the same is clarificatory and hence retrospective in nature? - Held that - The Assessee has accepted that from AY 1990-91 the income earn....... + More

  • 2017 (9) TMI 366 - SUPREME COURT OF INDIA

    Maharaja Amrinder Singh Versus The Commissioner of Wealth Tax

    Payment of Wealth Tax - remedy of appeal to the High Court - whether the High Court was justified in allowing the appeals filed by the Revenue and thereby was justified in setting aside the orders passed by the Tribunal? - Held that - The interpretation made by this Court of Section 100 in Santosh Hazari s Case (2001 (2) TMI 131 - SUPREME Court), would equally apply to Section 27-A of the Act because firstly, both Sections provide a remedy of app....... + More

  • 2017 (8) TMI 1234 - BOMBAY HIGH COURT

    The Commissioner of Wealth Tax-II Versus Harakchand Uttamchand Khinvasara (HUF)

    Properties/assets chargeable to tax as claimed under the WT Act - Understanding of the AO to bring certain transaction within the purview of the WT Act - notice u/s 17 issued to the assessee reopening the wealth tax assessment - Held that - Recourse to Section 17 of the WT Act was not justified in this situation. The Tribunal felt that it could be justified in a situation where the Assessing Officer has reason to believe that the asset ought to b....... + More

  • 2017 (8) TMI 1010 - KERALA HIGH COURT

    The Commissioner of Wealth Tax, Cochin Versus Dr. Asha V. Saraf

    Whether Section 13(b) of the Indian Partnership Act, 1932, could be invoked by the Revenue in the context of clause-7 of the Partnership Deed of the firm, M/s Saraf Trading Corporation - Held that - In the absence of any specification in clause-7 of the Partnership Deed regarding the percentage of profit or loss per partner, the Revenue was entitled to take recourse to Section 13(b) of the Indian Partnership Act. Having considered this submission....... + More

  • 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 (5) TMI 1493 - ITAT PUNE

    Asst. Commissioner of Wealth Tax, Central Circle-1, Nashik Versus Urmil Vijay Luthra, Vijay A. Luthra (HUF) , Vijay Arjundas Luthra

    Maintainability of appeal - low tax effect - Held that - We hold that in the present bunch of appeals filed by the Revenue, where the tax effect is below ₹ 2 lakhs and applying Instruction No.05/2008, dated 15.05.2008 issued by the CBDT, the aforesaid appeals filed by the Revenue are not maintainable and hence, the same are dismissed........ + 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

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