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Wealth-tax - Tribunal - Case Laws

Showing 1 to 20 of 1391 Records

  • 2017 (3) TMI 1419 - ITAT RAJKOT

    WTO, Ward-2 (1) (2) , Rajkot Versus Shri Mandhatasinji M. Jadeja and Smt. Kadambaridevi M. Jadeja

    Penalty imposed under s.18(1)(c) of Wealth Tax Act - concealment of any particulars of wealth per se - CWT(A) directed the AO to cancel the penalty - Held that - No infirmity in the reasoning of the CWT(A). The CWT(A), in our view, has appreciated the facts in perspective. It is not a case where any wealth was kept hidden from the knowledge of the Department. It is merely a case where the assessee has initially agitated the taxability of cash in ....... + More

  • 2016 (11) TMI 143 - ITAT DELHI

    Anil Arora Versus WCIT, Central Circle-02, New Delhi

    Addition of taxable wealth of the assessee because of surrender of the cash found in locker during the course of search - Held that - The undisputed fact is that that assessee tried to explain the amount of cash seized from the locker with syndicate bank which was in the name of the assessee and the amount of ₹ 30 lakhs was found there from. Further, the explanation of the assessee was also not found to be correct that money belongs to the ....... + More

  • 2016 (11) TMI 63 - ITAT HYDERABAD

    The Wealth Tax Officer Versus Mr. Y. Ravichand

    Exemption of the value of the plot to the extent of 500 sq. mts under section 5(1)(vi) of the Wealth Tax Act - CIT(A) treating it as a basic exemption limit and deleting the addition made by the A.O. in respect of such limit - Held that - It is an asset being plot of land comprising of an area of 500 sq. mts or less which is exempt from tax and not up to 500 sq. mts or less. Therefore, the finding of the CWT(A) is not tenable since the assessee p....... + More

  • 2016 (10) TMI 278 - ITAT KOLKATA

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

    Asset for the purpose of wealth tax - whether house property which has been let out to a tenant would be outside the ambit of wealth tax under section 2(ea)(i)(v) of the Wealth Tax Act? - Held that - Considering the submission of assessee that the memorandum explaining the provision in the finance No.2 Bill, 1998 under the head incentives proposed under the Wealth Tax Act , it is clarified that wealth tax is not levied on productive assets. In vi....... + More

  • 2016 (9) TMI 243 - ITAT HYDERABAD

    Wealth Tax Officer, Ward 16 (2) Hyderabad Versus M/s. Nikhila Estates (P) Ltd.

    Nature of land - wealth assessment - urban land - Held that - We find that the asset considered for wealth tax by the AO is claimed to be agricultural land by the assessee. Before the CIT (A), assessee has allegedly filed copies of the sale deeds and also pahanis for the relevant A.Ys. However, we find that the CIT (A), has neither verified the veracity and authenticity of the said documents by herself, nor has she called for a remand report from....... + More

  • 2016 (9) TMI 186 - ITAT HYDERABAD

    M/s. Siseri Agro Farms P. Ltd. And 40 Others Versus Assistant Commissioner of Wealth Tax, Central Circle-3 (2) , Hyderabad.

    Nature of land - whether the said lands fall within the definition of Urban land , so as to bring it to wealth tax? - Held that - The issue whether the said lands fall within the definition of Urban land , so as to bring it to wealth tax require re-examination by the Assessing Officer in the light of the fact that Bachupally village is not in the Qutubullapur Municipality and also not one among the 8 Gram Panchayats notified in 16.04.2007 notific....... + More

  • 2016 (7) TMI 659 - ITAT AHMEDABAD

    Wealth Tax Officer, Ward-1 (2) (5) , Ahmedabad Versus Pannalal Baijnath Jaiswal

    Wealth tax assessment on the properties owned by the assessee - as assessee s contention that the properties cannot be considered to be an asset within the meaning of term asset as wealth defined under Wealth Tax Act - Held that - We find that the ld.CWT(A) while deleting the addition has given a finding that assessee was receiving rent from the profits which has been considered by WTO as wealth and the properties were covered under Exception fou....... + More

  • 2016 (7) TMI 464 - ITAT PUNE

    DCWT, Circle-2, Jalgaon Versus Shri Manoj Bansilal. Biyani

    Penalty leviable on the mortgaged assets claimed by the assessee as exempt u/s.2(m) of the W.T. Act - denial of deduction u/s.2(m) of the Act on account of mortgaged assets - Held that - Tribunal in batch appeal has already deleted such addition/disallowance on the ground that properties mortgaged to the bank cannot be held as assets belonging to the assessee u/s.2(m) of the Wealth Tax Act. Since the quantum addition has already been deleted, the....... + More

  • 2016 (7) TMI 422 - ITAT VISAKHAPATNAM

    Devineni Avinash Versus WTO, Ward-2 (3) , Vijayawada

    Nature of land - whether the land held by the assessee is an urban land coming within the definition of asset as per section 2(ea) of the Act or is a stock in trade, which is kept outside the definition of asset? - Held that - The assessee has filed a statement of affairs before the assessing officer and claimed that the impugned land is an immovable property. Just because land is under Joint Development, it cannot be considered that the asset is....... + More

  • 2016 (6) TMI 471 - ITAT AHMEDABAD

    The ACIT, Kheda Circle, Nadiad Versus Shri Rameshbhai Babulal Shah

    Escapement of wealth chargeable to tax - cash found in excess of ₹ 50,000/-, being the limit prescribed under Wealth Tax Act, 1957 - Held that - Revenue s submission that since the cash balances are in excess of the limit prescribed under Wealth Tax Act, 1957, the cash balance in excess of ₹ 50,000/- are to be treated as wealth of the assessee. On the other hand, apart from other submissions, it is assessee s submission that the cash ....... + More

  • 2016 (6) TMI 448 - ITAT KOLKATA

    Shri Bimal Kumar Nopany Versus W.T.O, Ward 56 (4) , Kolkata

    Penalty imposed u/s 18(1)(c) of the W.T Act - concealment of wealth for not filing the W.T return voluntarily - Held that - In the present case, The AO must have found that that the assessee concealed his particulars of any asset or furnished any inaccurate particulars of assets or debts as prescribed in clause ( c) of section 18 of the W.T Act 1957 and AO has not given any cogent reason for imposition of penalty. As discussed above mere non-furn....... + More

  • 2016 (6) TMI 360 - ITAT KOLKATA

    Smt. Rita Sur, Kolkata Versus I.T.O., Ward-44 (1) , Kolkata

    Penalty on the assessee u/s 18(1)(c) of the Wealth Tax Act - Held that - The show cause notice u/s. 18(2) of the Act is defective as it does not spell out the grounds on which the penalty is sought to be imposed. Following the decision of the Hon ble Karnataka High Court in the case of CIT & Anr. v. Manjunatha Cotton and Ginning Factory, 2013 (7) TMI 620 - KARNATAKA HIGH COURT we hold that the order imposing penalty has to be held as invalid ....... + More

  • 2016 (5) TMI 1246 - ITAT AMRITSAR

    Mrs. Raminder Kaur, W/o Late Major Parkash Singh, M/s Alep Parkash Singh, Ms. Nirmita Bilimoria, Ms. Jyoti Parkash, Ms. Nirlep Sohal Versus The Dy. Commr. of Wealth Tax, Range-III, Jalandhar.

    Agricultural lands within the Urban agglomeration or within the notified area limits - whether would not falll within the Scope & Domain of the terminology Asset as contemplated u/s 2(ea)(v) of the W.T.Act, 1957? - Held that - The legislature has, by virtue of the Finance Act, 2013, introduced the amendment to section 2(ea)(v) with retrospective effect from 01.04.1993. This amendment by way of Explanation 1(b)(ii) section 2(ea)(v), is as foll....... + More

  • 2016 (5) TMI 1056 - ITAT KOLKATA

    M/s. Gentex Merchants Private Limited Versus W.T.O, Ward 8 (4) , Kolkata

    Scope of Assets u/s 2(ea) of Wealth Tax Act, 1957 - inclusion of residential building let out and only for brief period the property was vacant - Letting out period is less than 300 days - Held that - It could be appreciated that the asset which was taxed u/s 2(ea)(i) of the Act was legally in existence only for a period of 92 days during FY 2005-06. In the circumstances, it was not possible to let the said property for period of at least 300 day....... + More

  • 2016 (5) TMI 980 - ITAT AHMEDABAD

    WTO Sabarkantha Ward-3, Himatnagar Versus H.H. Maharaja Daljitsinghji

    Valuation of immovable properties - matter refereed to Department Valuer for determining the fair market value - Held that - While deciding the issue in favour of assessee ld.CWT(A) has given a finding that identical issue about the valuation of same property arose in assessee s case for AYs 1987-88 & 1988-89 and that the Co-ordinate Bench of Tribunal had decided the issue in favour of assessee. Accordingly, the claim of the appellant that th....... + More

  • 2016 (5) TMI 659 - ITAT HYDERABAD

    RKS Motor Pvt. Ltd. Versus Dy. Commissioner of Wealth tax, Circle 3 (1) , Hyderabad

    Treatment to cars used in the business of the assessee as assets for wealth tax purpose - Held that - There is no doubt the cars were used in the business, which are essential to run the business, which are applied in the business similar to plant and machinery . The intent of the legislature to exclude the cars which are used in the business for running them on hire. Here, these are excluded because the cars are used as plant and machinery , sim....... + More

  • 2016 (5) TMI 613 - ITAT PUNE

    Ranka Jewellers Private Limited Versus DCWT, Central Circle-1 (2) , Pune

    Penalty u/s 18(1)(c) of the W.T. Act - Held that - In the instant case, although the assessee has filed the return disclosing the amount of ₹ 90 lakhs prior to issue of notice u/s.17, however, the same was already detected by the department during the course of search and the assessee had admitted the same to be unaccounted cash. Thus the filing of the return was not a voluntary one but after detection by the department. In none of those ca....... + More

  • 2016 (5) TMI 569 - ITAT AHMEDABAD

    Dy. Commissioner of Income Tax Versus Shri Dushyant A Dave

    Net wealth computation - exclusion of property Delhi taken on lease - that - The case made out before us is that the above stated Delhi house is on rent with the assessee and the same cannot be treated to be belonging to him. The Revenue fails to quote any statutory provision or a judicial precedent before us which could repel assessee s contention that a residential house taken on rent could be assessed as net wealth in the hands of a tenant. We....... + More

  • 2016 (5) TMI 45 - ITAT AHMEDABAD

    Chamunda Pharma Machinery P. Ltd. Versus ITO, Ward-1 (3) , Ahmedabad

    Addition of urban land to the net wealth of the appellant-company - Held that - It is assessee s contention that assessee has incurred substantial expenditure on construction of factory building and in subsequent years the business of the assessee is being shown from that building. It is also assessee s submission that it had furnished the details of the construction expenses of factory building which has not been considered by CIT(A). Before us,....... + More

  • 2016 (5) TMI 14 - ITAT VISAKHAPATNAM

    ACIT, Circle-1 (1) , Vijayawada Versus Thatavarthi Chandrasekhara Rao

    Inclusion of Agricultural lands for the purpose of wealth tax - A.O. was of the opinion that though, the lands are agricultural lands, they are situated within the 8 kms. from the local limits of the municipality, therefore, liable for wealth tax - contention of the assessee that the lands are classified as agricultural lands and also used for agricultural purpose as per the revenue records of the Government - Held that - We find force in the arg....... + More

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Notification: CGST Rate Schedule u/s 9(1) - notifying rates of CGST @ 2.5%, 6%, 9%, 14%, 1.5% and 0.125% on Supply of Goods


Forum: On what Value tax to be deducted at source (TDS)

Highlight: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods. - Notification no. 1/2017 as amended vide notification dated 22-9-2017

Notification: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods.

Highlight: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Notification: National Advisory Committee on Accounting Standards

Forum: Duty Drawback- Urgent

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force - "subsidiary company" or "subsidiary"

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state


Forum: Input Tax Credit - Reg

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law


Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

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