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Wealth-tax - High Court - Case Laws

Showing 1 to 20 of 1963 Records

  • 2018 (5) TMI 2

    Determining the market value of the property under wealth Tax - whether only actual rent received should be taken without including the charges collected separately towards service and maintenance? - whether amenities do not form part of the rent for the purpose of valuing the property under Wealth Tax Act? - Held that - On a perusal of the materials placed before this Court, we are prima facie satisfied that both the Appellate Authority as well ....... + More

  • 2018 (4) TMI 207

    Constitutional validity of Section 40(3) of Wealth Tax Act - as submitted that Section 40(3) is unconstitutional as it brings to tax all lands and buildings (to the extent not used for the purposes of the business) owned by a company in which public are not substantially interested, as it has no relation to the object of the Act - Held that - Section 40(3) of the Act bringing to tax land and building which is not used for business purposes by com....... + More

  • 2018 (3) TMI 1471

    Levy of interest u/s 17B in respect of the period between the due date and the date of the notice u/s 17 - date of filling Wealth tax return - Held that - Considering the facts and circumstances of the present case, we are of the considered view that the assessment made for the assessment years 2007-08 and 2008-09 is made for the first time under Section 17, the same is a regular assessment and therefore attracts Section 17B(1) of the Act and not....... + More

  • 2018 (3) TMI 814

    Wealth tax assessment - ITAT directing the AO to disregard the recent valuation report and adopt old valuation report - current valuation of the assets was available with the assessee at the time of filing of Wealth Tax return - Valuation of jewellery - Held that - A conjoint reading of the Rules require valuation of all assets; furthermore, the valuation operates not on a year to year basis but for a four year cycle. The only exception made out ....... + More

  • 2018 (3) TMI 488

    Addition to net wealth - cash seized from the Assessee and kept in PD account of the Commissioner of Income Tax cannot be considered as cash-in-hand in the hands of the Assessee for computation of his net wealth under Wealth Tax Act, 1957 - Held that - Once it has held that amount deposited in a Bank in PD Account of the Commissioner of Income Tax, is not cash in hand, but cash in bank, then it cannot be added to the net wealth of the Respondent........ + More

  • 2018 (3) TMI 86

    Wealth Tax Act provision applicability - question of attracting Deemed Gift provision under Section 4(1) of the Gift Tax Act - Given that M/s Dua Engineering Pvt. Ltd. merely held investments in the industrial plot, at a value that was at the book value, the CIT (A) felt that it needed to be treated as an industrial investment company and proceeded to do so. This approach was affirmed by the ITAT - Held that - In the opinion of this Court both th....... + More

  • 2018 (2) TMI 63

    Determination of net wealth - correctness of valuation adopted by the AO - Scope of remand by the ITAT to the WTO - Held that - Remand by the ITAT to the WTO in this case was with respect to the question of valuation. At the stage when the WTO decided on the valuation, the final report of the DVO was not available. In the circumstances, the ITAT remanded the matter only on that aspect. In the circumstances, the findings rendered by the WTO could ....... + More

  • 2018 (1) TMI 1250

    Correct fair market value of the property as on the relevant valuation date - value declared by assessee - Held that - As decided in CIT Vs. Akshay Textiles and Agencies Pvt. Ltd. 2007 (10) TMI 251 - BOMBAY HIGH COURT annual letting value has to be determined on basis of annual rent received by the assessee and not what has been received by its tenants from the ultimate users. The emphasis placed upon expression rent received or receivables in ex....... + More

  • 2017 (9) TMI 1607

    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 constr....... + More

  • 2017 (9) TMI 1240

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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

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