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Wealth-tax - High Court - Case Laws

Showing 1 to 20 of 1948 Records

  • 2017 (9) TMI 1607 - ANDHRA PRADESH HIGH COURT

    The Pr. Commissioner of Income Tax, Vijayawada Versus Sri. Devineni Avinash

    Nature of land - whether property of the assessee at Shaikpet is an urban land, is not an asset within the meaning of Section 2(ea) of the Wealth Tax Act, 1957? - Held that - In an agreement for joint development of a property, the owner merely agrees to part with 50 or whatever of his undivided share in the land, so as to enable the builder to put up construction and handover an agreed percentage of super built area. Agreements for joint constru....... + 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 (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 (1) TMI 1366 - ALLAHABAD HIGH COURT

    Commissioner of Wealth Tax Versus Smt. Comilla Mohan

    Addition in respect of the Wealth of Two Trusts - Held that - Similar question relating to same Assessee has already been answered by this Court in Commissioner of Income Tax Vs. Comilla Mohan 2007 (1) TMI 111 - ALLAHABAD High Court ....... + More


  • 2017 (1) TMI 241 - RAJASTHAN HIGH COURT

    Commissioner of Wealth Tax Jaipur-I, Jaipur Versus Prabha Devi Golecha

    Additions made in the net wealth of the assessee on account of undisclosed credit balance in the books of the firm M/s Salas S.A. Of Geneva and on the basis of information supplied by Mr. John Ashlyn of M/s Salas S.A. Geneva - ITAT deleted the addition - Held that - Additions were made in income-tax assessments as well as wealth-tax assessments of some connected assessees of this group on the basis of the statement of Mr. John Ashlyn. Several ord....... + More


  • 2016 (12) TMI 1134 - GUJARAT HIGH COURT

    Vasudev G. Gajjar Versus D.C.W.T.

    Stock Exchange Card of Ahmedabad Stock Exchange liability to Wealth Tax Act - Held that - So long as assessee holds Membership Card and is non defaulting Member such a Membership Card can be said to be an assets within the definition of Section 2(e) of the Act, 1957 and on the same the assessee is liable to pay Wealth Tax. The question answered in favour of Revenue and against the assessee........ + More


  • 2016 (12) TMI 399 - ALLAHABAD HIGH COURT

    Devendra Verma Versus Wealth Tax Officer, Ward-1, Shamli

    Chargeability of interest from the legal representative of the deceased assessee - deceased assessee having not filed his return within prescribed time and in his life time - Held that - It is settled law that a fiscal statute has to be strictly construed. It is the plain language of the provision, which has to be preferred and specially where the language is plain and is capable of one definite meaning, strict interpretation is to be given, ther....... + More


  • 2016 (11) TMI 708 - ALLAHABAD HIGH COURT

    Commissioner of Income Tax (C) Kanpur Versus Late Shri Padampat Singhania through L/H Dr. G.H. Singhania

    Wealth tax assessment - ITAT held that certain provisions of building bye laws framed by J.D.A in Jan, 1996 were to apply retrospectively for Wealth Tax assessment on valuation date 31.3.1987 - applacability of provision of bye laws of J.D.A of Jan, 1996 - Held that - In the present case, in our view, Regulations 1996 for the purpose of assessment of valuation of disputed property are not at all applicable unless it is shown that the disputed pro....... + More


  • 2016 (9) TMI 1139 - RAJASTHAN HIGH COURT

    Commissioner of Wealth Tax, Jaipur Versus Ballabh Kumari of Bagsuri, Ajmer

    Applicability of provisions of Urban Land (Ceiling & Regulation) Act, 1976 for determining the market value of the plot for purposes of Wealth-tax on the relevant valuation date - Held that - Once there is a restriction on transfer of any land falling under the ULCAR Act, the fair market value of the property would be depressed on account of such restrictions/considerations. Admittedly, in the instant case, it was not open to the assessee to ....... + More


  • 2016 (9) TMI 985 - MADRAS HIGH COURT

    The Karur Vysya Bank Ltd. Versus The Commissioner of Income-Tax, Trichy

    Reopening of assessment - claim of deduction of proportionate liability from the gross wealth of the appellant - Held that - When once all the assets of the business are sought to be valued, the necessity to undertake individual or proportionate distribution of the debts is not required to be undertaken separately. It is a fundamental principle of law that no part of a Statute should be construed as carrying no meaning at all. Every provision mus....... + More


  • 2016 (9) TMI 29 - GUJARAT HIGH COURT

    PRINCIPAL COMMISSIONER OF WEALTH TAX Versus SHATRUSHLYASINJI D JADEJA

    Powers of Commissioner to revise orders of subordinate authorities - Held that - As twice at the instance of the assessee, Commissioner, in exercise of powers under sub section (1) of Section 25, had directed the Assessing Officer to carry out fresh valuation of the lands of the petitioner on the basis of the directions given by CWT (Appeals) in case of the assessee himself for the assessment year 1992-93. It was pursuant to such directions that ....... + More


  • 2016 (8) TMI 1120 - PUNJAB AND HARYANA HIGH COURT

    The Commissioner of Wealth Tax, Patiala Versus M/s Industrial Cables (India) Ltd.

    Eligibility of exemption from Wealth Tax under the provisions of Section 2(ea) of the Wealth Tax Act, 1957 whether lands were being used by the assessee for industrial purposes ? Held that - The issue has been decided against the appellant by a Division Bench judgment of this Court The Commissioner of Wealth Tax, Patiala versus M/s Industrial Cables (India) Limited 2013 (4) TMI 832 - PUNJAB AND HARYANA HIGH COURT ....... + More


  • 2016 (8) TMI 351 - GUJARAT HIGH COURT

    COMMISSIONER OF WEALTH TAX Versus DIGVIJAY CEMENT CO. LTD

    Urban land - ITAT held that urban land as defined in clause (b) of Explanation 1 to Sec.2(ea) of the Wealth Tax Act does not include any right or interest that a person may be having in the urban land otherwise than by way of actual ownership - Held that - This Court is in complete agreement with the findings recorded by the Tribunal which is just and proper and therefore we accordingly answer the question raised in this appeal in favour of the a....... + More


  • 2016 (8) TMI 232 - GUJARAT HIGH COURT

    THE COMMISSIONER OF WEALTH TAX Versus NARAYAN T. BADDI

    Nature of asset - ITAT held that the properties at Worli, Mumbai owned by the assessee was outside the purview of the asset because this property was commercial property, ignoring the fact that sub-clauses (4) and (5) of clause (i) of Section 2(ea) were brought on the statute only with effect from 01.04.1999 through the Finance (No.2) Act, 1999 - Held that - Since the subject property did not fall within any of the three excluded categories enume....... + More


  • 2016 (8) TMI 131 - GUJARAT HIGH COURT

    COMMISSIONER OF INCOME TAX-I Versus BARODA PACKAGING PRIVATE LIMITED

    Asset within the meaning of Section 2-E(a) of the Wealth Tax Act - interpreting the phrase Commercial Establishment or Complexes - Held that - considering the decision of this Court in the case of Vasumatiben Chhaganlal Virani (2013 (9) TMI 957 - GUJARAT HIGH COURT ), the question, which is raised in the present appeals is required to be the assessee. We are not giving any elaborate reasons for the same as in the case of Vasumatiben Chhaganlal Vi....... + More


  • 2016 (7) TMI 900 - MADRAS HIGH COURT

    The Commissioner of Income Tax Versus M.S Ideal Garden Complex Pvt. Ltd.

    Applicability of Circular No. 1979 dated 27.03.2000 - excess liability allowed by mistake and rectified under Section 35 of the Wealth Tax Act - Tribunal ordered as no exceptional circumstances as provided in the above said circular was pointed out by the learned D.R. for filing this appeal before this Tribunal - Held that - Though in the instant appeal, Revenue has assailed the correctness of the order of the Tribunal, inter alia on the grounds ....... + More


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