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Wealth-tax - Case Laws


2016 (2) TMI 151 - ITAT KOLKATA

I.T.O., Ward-3 (1) , Kolkata Versus Happy Homes & Resorts Pvt. Ltd.

Whether the land held for business purposes would be liable for wealth tax - assessee had held the unused urban land for its hotel industry purposes and started construction activities thereon commencing from Asst Year 1999-2000 onwards after carrying out the activities of land filling, leveling , earth filling, soil testing etc for the purpose of construction of hotel building. BR BR Held that - The approval for construction of hotel building wa.....

2016 (2) TMI 112 - ITAT BANGALORE

Smt. Indrakshi Devi Versus Wealth-tax Officer, Ward 11 (1) , Bangalore

Second / Third round of litigation - validity of order of AO - the learned AR of the assessee has forcefully contended that the subsequent order dated 28/12/2006 passed by the AO is without jurisdiction when the AO has already passed order dated 25/3/1997 in pursuance to the order of the CWT(A) dated 30/12/1994 which was not disturbed either by this Tribunal or by the Hon ble High Court. Therefore, second order passed by the AO is without jurisdi.....

2016 (2) TMI 74 - ITAT KOLKATA

M/s. Konark Commercial Pvt. Ltd. Versus A.C.W.T, CC-IV, Kolkata

Inclusion of let out property in the wealth tax assessment - scope and ambit of wealth tax u/s 2(ea)(i)(5) - wealth tax escaped assessment u/s 17 - The assessee claimed that the said property was in the nature of commercial establishment as per section 2(ea)(i)(5) of the Act and thus it could not be included in the net wealth of assessee. - Held that - the subject mentioned property is a commercial complex and is a productive asset deriving renta.....

2016 (2) TMI 29 - ITAT KOLKATA

Adhar Gupta, C/o S.L. Kochar Versus C.W.T., KolKata And Vica-Versa

Inclusion of wealth - whether the commercial building i.e. shop is falling within the scope section 2(ea)(i) of the wealth tax Act or not. - Held that - these assets are commercial purposes which form part of stock-in-trade and these three assets have been noted as part of the stock-in-trade and acquired for the purpose of construction of flats, the nature of business of assessee is purchase and sale of immovable properties the assessee had under.....

2016 (1) TMI 1068 - ITAT MUMBAI

Shanti Bhagwandas Raheja, Vijay Bhagwandas Raheja Versus ACWT, CC-29, Mumbai

Levy of penalty - concealment of wealth - delayed filing of wealth tax return beyond all times allowed - non-filing of wealth tax return in time - no addition whatsoever has been made to the wealth returned by the assessee - Held that - the return filed by the assessee was voluntary. After receipt of the return, notice under section 17 has been issued to regularize the said return. There is no material on record to show that any action under sect.....

2016 (1) TMI 1067 - ITAT AHMEDABAD

ITO, Ward-3 (1) (2) , Ahmedabad Versus M/s. PASL Windtech P. Ltd.

Inclusion of industrial plots and building - wealth tax assessment - Held that - the assessee has contended that in the Asstt.Year 2005-06, the ld.AO has included the value of the industrial plot in the net assessable wealth of the assessee under erroneous interpretation of the provisions. This addition has been deleted by the ld.CWT(A) vide order dated 20.12.2011 in Appeal No.CWT(A)/XI/32/ ACWT Cir.5/10-11. The ld.AO after taking note of the sub.....

2016 (1) TMI 1018 - ITAT KOLKATA

Loknath Prasad Gupta Versus DCIT, C. C-XXV, Pally, Kolkata

Inclusion of cash-in-hand in the wealth tax assessment - It is argued that Receivable is recorded in the balance filed with the Department before income tax scrutiny proceedings for A.Y 2009-10. Simply, the nomenclature changed from Receivable to cash-in-hand with custodians does not amount the concealment of wealth. However the WTO has disregarded the claim of the assessee and confirmed penalty 200 of the tax sought to be evaded - bonafide ignor.....

2016 (1) TMI 976 - ITAT HYDERABAD

Impact Metals Ltd. Versus Dy. Commissioner of Wealth Tax, Circle 2 (1) , Hyderabad

Inclusion of rented premises into wealth tax assessment - revenue yielding asset - power of revision u/s 25 of the CIT - Held that - section 2(ea)(i) nowhere requires that a commercial establishment or a complex could not be established in a house property but only provides that any property in the nature of commercial establishment or complex shall be excluded from deemed asset as defined in clause 1 of section 2(ea). Further, it nowhere provide.....



Exigibility of Urban Land to wealth tax - whether the land would be excluded from the urban land only when building is completely constructed thereupon or it would be covered by the aforesaid clause even if the building activity is started and the building is not yet complete? - HC held that the building has to be completely erected on the land in order to get it covered by exclusion clause - Held that - The view taken by the High Court 2007 (3) .....

2016 (1) TMI 443 - ITAT PUNE

DCWT, Central Circle-1 (1) , Pune Versus Serum Institute of India Ltd.

Inclusion of aircraft in the wealth tax assessment - co-ownership of the aircraft - exception u/s.2(ea)(iv) of the Wealth Tax Act - Held that - value of aircraft, which is used in the assessee s business, cannot be included in taxable wealth and the exception provided u/s.2(ea)(iv) of the Wealth Tax Act is attracted. BR BR Merely because the Revenue has not accepted the decision of the Tribunal and an appeal has been filed before the Hon ble Bomb.....

2016 (1) TMI 257 - ITAT KOLKATA

M/s Suresh Kumar Banthia, (legal heir of Jethmal Banthia) Versus DCWT, Central, Kolkata

Levy of penalty for concealment of wealth - Assessee responded that notice u/s 17 of the Act was merely issued due to change in opinion from the assessment records and does not attract the penalty provisions. - It was his submission that in the situation that prevailed as on the due date for filing the return of income the assessee was under bona fide belief that there was no requirement for filing wealth tax return and therefore no adverse infer.....

2016 (1) TMI 210 - ITAT KOLKATA

Shova Properties Pvt. Ltd. Versus Commissioner of Income Tax, Kolkata

Reduction of debt for working out the net wealth of assessee - AO framed the wealth tax assessment at Rs. nil value after taking into consideration of loan taken for the said land & building of assessee. However, Ld. CIT opined that the loan is not reflected in the balance-sheet of assessee. So the order of AO is erroneous and prejudicial to the interest of Revenue - Held that - we find force from the submission made before us including the a.....

2015 (12) TMI 1361 - ITAT KOLKATA

M/s. Haldiram Bhujiwala Ltd. Versus D.C.W.T,C. C-XIII, Kolkata

Denial of exemption claim - whether the exemption provided in section 5(vi) of the Act in respect of plot of land not exceeding 500 sq,mtrs is also applicable to companies or not - Exemption for plot of land not exceeding 500 sq.mtrs has to be limited only to individuals and HUF and the proviso to section 5(vi) had only acted as a restrictive covenant and full effect needs to be given for the same. We also hold that the proviso needs to be read a.....


The Commissioner of Wealth Tax, Patiala Versus M/s Dalmia Biscuits (P) Limited, Rajpura

Valuation - Inclusion of value of assets - Levy of penalty - Held that - Difference in the valuation of the property as declared by the assessee and as assessed by the Assessing Officer did not tantamount to furnishing of inaccurate particulars of the asset as it is well settled that valuation is a matter of estimation and estimation by registered valuer of the assessee and estimation by the District Valuation Officer being at variance did not at.....

2015 (12) TMI 1274 - DELHI HIGH COURT

Commissioner of Income Tax - 7 Versus Provestment Securities Pvt. Ltd.

Determination of net wealth - Inclusion of value of Lamborghini car - Did the Income Tax Appellate Tribunal (ITAT) fall into error in holding that the assessee who is not owner of the Lamborghini Car since it did not acquire the asset and was therefore not liable under the Wealth Tax Act - Held that - Decision in the assessee s own previous case 2015 (12) TMI 117 - DELHI HIGH COURT followed - Decided in favour of assessee.

2015 (12) TMI 1223 - BOMBAY HIGH COURT

Jaya Hind Sciaky Limited Versus Dy. Commissioner of Income tax, Special Range 4, Pune

Determination of net wealth - Inclusion of leasehold interest - whether the open land admeasuring 2175 of the said plot taken on lease by the Appellant is an asset under Section 40(3) of the Act - whether it is belonging to the Appellant for the purposes of determining its net asset chargeable to Wealth Tax under the Act - Held that - The absence of the words property of every description movable or immovable in Section 40(3) of the Act by.....

2015 (11) TMI 1189 - ITAT KOLKATA

WTO Ward-7 (4) , Kolkata Versus S. Jafkay (India) Limited

Violation of the provision of the Rule 46A of IT Rule, 1962 - Non confrontation of contract notes evidencing sale of shares by the Assessee through a broker at Mumbai - Held that - conclusions of the CWT(A) are not based only on the evidence regarding share transactions carried out by the Assessee at Mumbai. The payment of salary to Mr.Mukherjee and his correspondence and reports on various business information obtained from Mumbai and sent to Ko.....

2015 (11) TMI 1115 - ITAT KOLKATA

D. CW. T, Circle-3, Kolkata Versus M/s. Calstar Steel Ltd.

Exemption u/s. 2(ea) of the WT Act - whether the Learned CITA is justified in deleting the value of factory shed and godown of ₹ 8,64,76,000/- for wealth tax purposes - Held that - assessee had derived rental income by letting out its godown cum factory shed to M/s Hindustan Lever Ltd for more than 300 days in the previous year. Any property used for residential or commercial purposes would apparently come under the definition of assets as .....

2015 (11) TMI 1050 - ITAT AHMEDABAD

ACIT (OSD) , Cir. 9 Ahmedabad Versus Shri Vijay H. Shah, C/o. M/s. Shah Enterprise

Deletion in net wealth - Agriculture land or urban land - Held that - Finding of the ld.CWT(A) would indicate that the ld.First Appellate Authority has relied upon the reasoning given by his predecessor. That reasoning has already been set aside by the Tribunal for re-adjudication. Therefore, we allow the appeal of the Revenue and set aside the impugned order. The issue is restored to the file of ld.CWT(A) for re-adjudication - Decision in assess.....

2015 (11) TMI 980 - ITAT BANGALORE

M.R. Pattabhiram (HUF) Versus The Asst. Commissioner of Wealth-tax, Circle-6 (1) , Bangalore

Addition in the value of wealth - whether the CWT(A), right in holding the impugned lands are urban lands and the BIAPPA is municipality or notified area as defined in section 2(14)(iii) of the Act - Held that - respectfully following the co-ordinate bench decisions in assessee own case in 2015 (11) TMI 951 - ITAT BANGLORE and also coordinate bench decision, we hold that the impugned lands are not urban lands within the meaning of section 2(ea) o.....


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