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Wealth-tax - Tribunal - Case Laws

Showing 1 to 20 of 1424 Records

  • 2018 (5) TMI 1705

    Assessment of wealth tax - assessee claims that Thiruvanmiyur property can be taken as self-occupied and the Kodaikanal property can be assessed for wealth-tax - Held that - When the assessee resided at Thiruvanmiyur house and used the premises for his medical profession, it has to be construed as if the property was residential one and self-occupied. Therefore, the Thiruvanmiyur property is exempted from wealth-tax. - Coming to the Kodaikanal pr....... + More

  • 2018 (5) TMI 1495

    Deletion of addition made by AO - the land being chargeable to Wealth Tax was added in the total wealth of the assessee - Held that - the AO has treated the land shown by the assessee in its balance sheet as taxable wealth, whereas, the assessee claimed that the building was under construction on such land therefore, the same cannot be treated as taxable wealth under the Wealth Tax Act. - In the case on hand, the building under construction has b....... + More

  • 2018 (4) TMI 411

    Treating value of freehold land as a taxable asset u/s 2(ea) - whether the freehold land held by the assessee as vacant as on the valuation date i.e. 31.3.2009 , on which the construction has been started for setting up of its office and service centre, could be stated to be used for industrial purposes , so as to fall within the ambit of definition of urban land and consequential exemption from levy of wealth tax? - Held that - The expression in....... + More

  • 2018 (4) TMI 279

    Valuation of vacant land at Shaikpet Village - assessee have claimed the property as exempt under section 2(ea) of Wealth Tax Act on the ground that the asset is stock-in-trade - Held that - On identical facts in the case of Shri Devineni Avinash, the same issue has come up before this Tribunal 2017 (12) TMI 480 - ITAT VISAKHAPATNAM as held that the impugned asset is not stock-in-trade as claimed by the assessee - The asset is not a commercial as....... + More

  • 2018 (3) TMI 1364

    Wealth tax assessment - whether loose pearls and stones are also includible in the definition of assets? - Held that - As per the definition of jewellery in the Wealth Tax Act jewellery includes precious stones and semi-precious stones including the loose items not embedded in jewellery. CIT(A) examined the definition of the gemstones in internet and held that loose pearls and stones are also includible in the definition of assets. AR submitted t....... + More

  • 2018 (3) TMI 813

    Assets taxable under the provision of Wealth Tax Act - addition of the properties in the net wealth on the basis of statement recorded u/s.132(4) of the Income Tax Act, 1961 - Held that - The assessee in his statement admitted that investments in the movable and immovable properties listed above are made out of undisclosed income. AR has reiterated the fact that the assessee has financed for purchase of assets in the name of his wife and nephews........ + More

  • 2018 (3) TMI 595

    Penalty invoking Explanation-3 to Section 18(1)(c) of WT act - unaccounted assets / income unearthed in search / survey action - Held that - The return of wealth tax filed by the assessee got triggered only due to search / survey action carried out by the department wherein unaccounted assets / income was unearthed. The assessee never filed return of wealth for the impugned AY before the search / survey action despite having taxable wealth. There....... + More

  • 2018 (2) TMI 1543

    Penalty imposed u/s 18(1)(c) of Wealth Tax Act - furnishing of inaccurate particulars of net wealth - invalid notice - Held that - Though the CWT(A) has issued the show cause notice stating that the assessee was required to explain the reasons for furnishing inaccurate particulars, concealment of wealth, it was not clearly made known for which offence the assessee is required to submit his explanation. The Ld.CWT(A) should have struck off the irr....... + More

  • 2018 (2) TMI 736

    Determination of net-wealth for the purpose of Wealth Tax Act - Held that - Sub-section 2 of section 50C provides a remedy to the assessee in case he has aggrieved with adoption of such sale consideration on the basis of deeming provision. He can file a reference to the AO and the AO shall send the reference to the DVO for determining fair market value of the property on the date of transfer. Thus, it cannot be taken as gospel truth. - The assess....... + More

  • 2018 (1) TMI 720

    Valuation - yeast - whether the yeast cleared in pack from the factory appearing a marking for industrial use only and specially made for bakery industry only will be assessable under Section 4 or Section 4A of the Central Excise Act, 1944? - Held that - for the product which are exempted under Rule 34 of the provisions of Standard of Weights and Measures (Packaged commodities) Rules, 1977, there is no need to affix the MRP on the product. - In t....... + More

  • 2018 (1) TMI 34

    Wealth tax assessment - treatment to agricultural land - Held that - Agricultural land on its conversion for nonagricultural purposes ceased to be an agricultural land. Therefore, it becomes an asset for the purposes of Wealth-tax Act. See Shri. A.N. Manidatta (HUF) , Versus Assistant Commissioner of Wealth-Tax, Circle -2 (2) (1) , Bengaluru 2017 (3) TMI 1603 - ITAT BANGALORE ....... + More

  • 2018 (1) TMI 17

    Disallowance of claim for deduction of debts incurred in relation to the taxable assets from gross wealth - Held that - Admittedly, the assessee is engaged in hire purchase and leasing the vehicles. Proportionate basis for determination of the debt can be adopted if multiple assets were brought under wealth tax. In the computation of wealth, the assessee has declared value of own vehicles as well as value of leased vehicles and no other assets ex....... + More

  • 2017 (12) TMI 1267

    Wealth tax assessment reopened u/s. 17 - assessing the value of 10 acres of land - AO adopted the taxable wealth at ₹ 3.35 Crores based on the adoption of market value for the 10 acres of land stated to be in the ownership of assessee as per the agreement of sale - Held that - It is interesting to note that assessee has entered into an agreement of sale with the said persons for sale of 10 acres of land on his own. In that agreement, in par....... + More

  • 2017 (12) TMI 1011

    Wealth tax assessment - valuation of properties - Held that - AO was compelled to estimate the values of properties as indicated above and assessed the net wealth of the assessee at ₹ 2,68,77.200/- as against ₹ 76,75,209/- on estimate basis vide his order dated 31.12.2009. After hearing both the parties and perusing the records especially the orders passed by the revenue authorities, we are of the view that the AO has given full oppor....... + More

  • 2017 (12) TMI 480

    Treatment of asset as stock in trade - Held that - The assessee has purchased urban vacant land located at Banjara Hills and entered in to development agreement with Vulcon Project Developers Pvt. Ltd for development of the land but no development took place till the date of valuation date. The assessee declared the asset in the balance sheet as a fixed asset and no supporting evidence was placed by the assessee with regard to the claim of the as....... + More

  • 2017 (12) TMI 479

    Market value of immovable property - adoption of the value determined by the Departmental Valuation cell - Held that - There is a search in the case of the assessee and subsequently it is found that there are some immovable properties and the assessee has to file a wealth tax return, which he was not filed. The A.O. has issued a notice, accordingly, assessee filed the wealth tax return and declared immovable properties as per the books of account....... + More

  • 2017 (12) TMI 478

    Penalty levied - not furnished the return within time of sub-section (1) of section 14 - difference between filing of return within the time stipulated u/s 14(1) of the Act or filing the same with any delay - Held that - It is only basing on the revised assessment, the assessment was completed. Only reason stated by the AO for initiation of penalty was that no revision could be made incase of belated filing of the original return of wealth. Thoug....... + More

  • 2017 (12) TMI 262

    Assessment of wealth including agricultural land - Addition made in the context of retrospective amended Explanation-1 to section (ea) of the Wealth Tax Act - Held that - The Wealth Tax Act, 1957 defines the assets in clauses (e) and (ea) of section 2. The assets include the urban land as per subclauses (i) to (v) of section 2(ea). the highlighted portion above excludes two types of land from the definition of urban land . (1) The lands need to b....... + More

  • 2017 (11) TMI 811

    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

    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

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