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Wealth-tax - Supreme Court - Case Laws

Showing 1 to 20 of 143 Records

  • 2017 (10) TMI 603

    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 366

    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

  • 2016 (1) TMI 826

    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) ....... + More

  • 2015 (9) TMI 1065

    Valuation of vacant land attached to the Property - wealth tax assessment - Property which had come within the mischief of the Ceiling Act. - admittedly possession had not been taken, which remained with the assessee for want of notification under Section 10, the proceedings abated and the said vacant land remained with the assessee - Held that - The Assessing Officer took into consideration the price which the property would have fetched on the ....... + More

  • 2015 (8) TMI 285

    Validity of High Court s order - HC has decided the appeal without framing the question of law - Held that - appeal under the Section 27A (3) of The Wealth Tax Act, 1957 can be admitted only when a substantial question of law is involved in the appeal and according to sub-Section (4), the question of law has to be formulated by the High Court. - matter is remitted to the High Court so that a substantial question of law can be framed, if any, and ....... + More

  • 2015 (5) TMI 321

    Scope and ambit of section 40(3)(vi) of the Finance Act, 1983 - Whether the Hospital property would be subjected to wealth tax under the Wealth Tax Act, 1957 - the contention of the appellant is that the Hospital building should be treated as office which is used for the purposes of its business. - Held that - For the exclusion the 'hospital' must be one held by an industrial unit for the welfare of its employees. Thus the intention of th....... + More

  • 2015 (3) TMI 771

    Valuation of net worth of assessee company - whether under Section 40(3)(vi) of the Finance Act, 1983, the building is used by the assessee as a factory for the purpose of its business - Held that - No doubt, M/s Dior International P. Ltd. was manufacturing the garments for the assessee but it was charging the price for the same from the assessee and assessee was charging rent for the use of the premises. Therefore, the only relationship between ....... + More

  • 2014 (7) TMI 543

    Valuation of assets being a residential flat - Rule 3 to 7 of Schedule III of the Wealth-Tax Act, 1957 - scope of the term practicable - wide variation between alleged market value as determined by the Departmental Valuation Officer and the value as disclosed by the assessee - Held that - the word practicable is to be construed widely - if in the opinion of the AO, if the value determined by the tax payer on the basis of Rules 3 to 7 is absurd or....... + More

  • 2014 (5) TMI 286

    Computation of taxable income and taxable wealth of discretionary trust - estate of the deceased Settlor - legal position about the discretionary trust - assessment years 1964-65 to 1970-71 and assessment years 1970-71 to 1982-83 - Held that - A discretionary trust is one which gives a beneficiary no right to any part of the income of the trust property, but vests in the trustees a discretionary power to pay him, or apply for his benefit, such pa....... + More

  • 2013 (1) TMI 608

    Gift tax on the value of the bonus shares - fundamental question before the High Court in 2002 (5) TMI 42 - PUNJAB AND HARYANA HIGH COURT that whether there was in fact a gift of 14,000 bonus shares made by the assess to the transferee? - reopening of assessment - Held that - A perusal of the impugned judgment and order facially indicates that there has been no consideration of the provisions of Section 4(1)(c) of the Act. From the rather elabora....... + More

  • 2011 (12) TMI 616

    Applications for substitution are allowed - Permission to file special leave petitions is granted - The special leave petitions are dismissed........ + More

  • 2011 (12) TMI 535

    Wealth tax assessment - Civil appeals are dismissed. - In this case, the Hon ble Jurisdictional High Court, have held that agricultural land which falls within municipal limits was chargeable to Wealth tax........ + More

  • 2007 (8) TMI 650

    Whether it is permissible to strike down an Ordinance which has the same force and effect or an Act of Parliament or an Act of State Legislature on the ground of non-application of mind or malafides or that the prevailing circumstances did not warrant the issue of an Ordinance held that validity of an Ordinance cannot be decided on grounds similar to those on which an executive or judicial action is decided? - Held that - The court cannot usurp t....... + More

  • 2003 (4) TMI 1

    Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in holding that the probable estate duty payable on the death of the life tenant has to be taken into account and the value of the property will be diminished by that for charge of wealth- tax in the hands of the remaindermen - High Court answered the question in the affirmative, i.e., in favour of the assessee - order of HC is correct....... + More

  • 2002 (12) TMI 9

    Whether the Tribunal is right in confirming the order of Commissioner of Wealth-tax (Appeals) directing the AO to exclude the value of the assets transferred to body of individuals from the wealth of the assessee - Once it is found, as a fact, that the creation of the BOI and assignment of assets was not sham and bogus activity, the question sought to be referred would not arise and, therefore, the Tribunal u/s 27(1) and the HC u/s 27(3) were rig....... + More

  • 2002 (11) TMI 4

    Valuation of the estate -whether the probable estate duty payable on the death of the life-tenant has to be taken into account and the value of the property will be diminished by that for charge of wealth-tax in the hands of the remainder man - issue should be settled by a larger Bench. Therefore, we direct that the papers of these appeals and connected matters be placed before the Chief justice of India for appropriate orders........ + More

  • 2001 (10) TMI 88

    ... ...
    ... ... ..... On the record of the case, no interference is called for. The civil appeal is dismissed. No order as to costs.

  • 2001 (8) TMI 17

    Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be assessed under section 21(1) of the Wealth-tax Act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1)(viii) - question of law does arose and the reference is to be called for....... + More

  • 2001 (8) TMI 16

    Whether Tribunal is correct in holding that a reference made to the Valuation Officer in compliance with the directions of the AAC cannot be a reference u/s 16A - Whether Tribunal is correct in holding that the report from the V.O., although obtained on the basis of a reference made as a result of the AA s directions, is not binding on the Wealth-tax Officer under section 16A (6) - above question are question of law- reference is called for....... + More

  • 2001 (2) TMI 130

    ... ...
    ... ... ..... ies cited by him. We are of the view that the judgments and orders under appeal are correct and no interference therewith is required. The civil appeals are dismissed with costs.

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