-
2024 (1) TMI 439
Revision petition u/s 25 of the Wealth Tax Act - Commissioner, Wealth Tax, Udaipur held that the revisions u/s 25 of the Wealth Tax Act against the intimation issued under Section 16(1) of the Act of 1957 is not an order, and therefore, the revision petitions under Section 25 of the Act of 1957 were not maintainable - HELD THAT:- As intimation order was passed under Section 16(1), the appeal lay under Sections 23 23A of the Act of 1957 and the revisionary powers were specified under Section 25 of the Act of 1957. Such powers were in existence ....... + More
-
2023 (7) TMI 1109
Wealth tax assessment - ownership of the impugned urban land - whether the assessee has transferred ownership of the impugned urban land to CIDL? - crux of the argument of the AR is that, as on the valuation date, the impugned urban land did not 'belong to' the assessee in view of the master development agreement - HELD THAT:- It is a fact that CIDL, the developer, did not develop the property except for constructing boundary walls along the property. (Even the construction of boundary is disputed, since the cost of improvement for sam....... + More
-
2023 (7) TMI 819
Wealth tax assessment - Computation of taxable wealth - addition on account of Net accretion to the assets on the basis of the additions made under the income tax proceedings - addition of on account of appreciation in the value of assets - HELD THAT:- As most of the details of the transactions were maintained by the assessee on a number of computers, which were seized, and upon the analysis of the seized data, it was found that complete share market transactions were not available therein. Therefore, it was held that complete books of account....... + More
-
2023 (1) TMI 1039
Wealth tax assessment - assets within the meaning of Section 2(ea) of the Wealth Tax Act - assessee submitted that the land at Sakarda which is an agricultural land, hence not an asset within the meaning of explanation (1)(b)(ii) to Section 2(ea) of the Wealth Tax Act - AO held that the land was situated within the distance of 2-3 k.m. from the municipal limits of Vadodara and the assessee failed to establish the said land was used for agricultural purpose and therefore added as an asset for Wealth Tax purpose - HELD THAT:- The findings of the....... + More
-
2023 (1) TMI 1038
Addition of wealth of the assessee on account of immovable property - valuation of property - value as per the provisions of wealth tax Act or the value of the property declared in the income tax return - As submitted that the value of the property in dispute has to be determined in the manner laid down in part B of schedule III of the Wealth Tax Act - whether the property for the purpose of wealth tax has to be valued as per the provisions of wealth tax Act or the value of the property declared in the income tax return can be adopted for the ....... + More
-
2023 (1) TMI 1037
Exigibility of 'Urban Land' to wealth tax - wealth Tax Officer considering the property situated at Radha Realtors, which was under construction, as asset within the meaning of section 2(ea) of the Wealth Tax Act. HELD THAT:- As assessee fairly conceded that the ground is decided against the assessee by the decision of the Hon'ble Supreme Court in the case of Giridhar G.Yadalam v. CWT . [ 2016 (1) TMI 826 - SUPREME COURT] Accordingly, the ground of appeal No.1 raised by the assessee is dismissed. Taxability of the entire land for t....... + More
-
2022 (12) TMI 1240
Wealth tax assessment - Nature of land - urban land - land was converted for non-agricultural purpose - whether sanction of conversion of land for non agricultural purposes would change the nature of land when the land is continued to be held as agricultural land by the appellant as on the valuation date? - urban land as classified as agricultural land in the record of the Government and used for agricultural purposes - HELD THAT:- Records of Right placed before us prima facie demonstrate that name of Shri. A.R. Narendranath is found in the Go....... + More
-
2022 (10) TMI 556
Valuation of gifted shares - valuation of shares in lock-in period as per the provisions of Schedule III of the W.T. Act. - rules for determining the value of a gifted property under Gift Tax Act - HELD THAT:- The shares in the lock-in period have market value, which would be the value that they would fetch if sold in the open market. Rule 21 of Part H of Schedule III of the W.T. Act permits valuation of the property even when the right to transfer the property is forbidden, restricted or contingent. Rights and limitations attached to the prop....... + More
-
2022 (9) TMI 1052
Wealth tax assessment - addition being the value of the buildings (staff quarters) and an amount being the market value of the WDV at the beginning of the year of the vacant land - HELD THAT:- As submission of assessee that the assessee is covered by the exception stated in Explanation1 of the clause (i) of section 2(ea) of the Wealth Tax Act, 1957, there is no vacant land belonging to the assessee and the entire land is being used for industrial purposes. It is also his submission that if the additional evidences now filed are admitted, the s....... + More
-
2022 (9) TMI 673
Wealth tax assessment - land sold by the assessee was an agricultural land or capital asset - HELD THAT:- Respectfully following the decision of the Tribunal in assessee s own case in income tax matter [ 2019 (1) TMI 1989 - ITAT CHENNAI] as well as amendment to sub-clause (b) of Explanation 1 to clause (ea) of the Wealth Tax Act, 1957, we are inclined to uphold the view of the ld. CIT(A) that the land sold by the assessee was an agricultural land and not a capital asset. Therefore, the gain on sale thereof was not exigible to tax. Thus, the gr....... + More
-
2022 (9) TMI 618
Reopening of wealth tax assessment - Escaped assessment of wealth chargeable to tax - urban land as provided under Wealth tax Act - Whether property in question is exempt under the Wealth tax Act as the alleged plot in question was not exceeding 500 sq.mts in area and it is exempt u/s. 5(vi) of the Act ? - HELD THAT:- We find force in the contention of the Ld. AR as both the properties in question as stated in impugned order does not fall under the definition of asset(s) u/s. 2(ea) of the Act and falls under exempted asset under the definition....... + More
-
2022 (9) TMI 617
Reopening of wealth tax assessment - Escaped assessment of wealth chargeable to tax - assessee was liable for wealth tax but has not filed wealth tax returns - HELD THAT:- As the assessee has not furnished true particulars of wealth, we are of the considered opinion that the Assessing Officer has rightly reopened the assessment. Accordingly, the ground raised by the assessee is dismissed for both the assessment years. Land in question as an agricultural land - Going by the stand of the assessee, if the land in question is under land acquisitio....... + More
-
2022 (9) TMI 616
Wealth tax assessment - Nature of land sold - Valuation of land - Joint ownership - HELD THAT:- As property was held in joint names, however, for all practical purposes, the assessee was the sole owner of the property. All the other joint owners were former employee having no source of income. In fact, the assessee himself claimed Long Term Capital Loss on entire property while filing its Income Tax Returns. The same was also affirmed by the assessee in sworn statement which was never retracted. Even before constitutional authority, the assess....... + More
-
2022 (9) TMI 615
Net wealth estimation - nature of the land sold - Whether land is required to be treated as agricultural land irrespective of the fact, it is situated in urban area? - HELD THAT:- Undoubtedly, the urban land has been defined under the Act under clause (b) of Explanation 1 to clause (ea) of Section 2 of the Act. From the perusal of the above definition, it is clear that the land though situated in the urban area, but it would not be classified as an urban land, if the land continues to be reflected in the government record as agricultural land ....... + More
-
2022 (9) TMI 614
Wealth tax assessment - Addition in hand in excess as part of the balance sheet and business asset not taxable under the provisions of Section 2(ea) of the Wealth Tax Act - CIT(A) deleted the addition by holding that the Assessee, an individual is engaged in the business and once he is maintaining the books of accounts and cash in hand is in the books of accounts, the same being business asset cannot be added under the provisions of Section 2(ea) - HELD THAT:- As the issue is squarely covered and the Assessee s cash in hand pertains to busines....... + More
-
2022 (8) TMI 158
Reopening of Wealth tax assessment - Treating lands at Vastrapur and Rancharda as urban lands - assessee had not included the urban land cost and cash in hand after exemption for wealth chargeable to Wealth Tax - HELD THAT:- It is pertinent to note that the said land and the details given by the assessee before us were only related to Talati Certificate which is undated. The other documents which were before us and before the CIT(A), as contended by the assessee, are not showing that the said land were not coming under the urban land definitio....... + More
-
2022 (7) TMI 304
Wealth tax Assessment - assets under section 2(ea) of the Wealth Tax Act - i nterpretation of section 2(47)(v) of the Income-tax Act - whether Tribunal was correct in law in holding perversely that the appellant continued to be the owner of urban land under section 2(ea) of the Wealth Tax Act, 1957 despite the fact that the appellate (after transferring the land to the developer through JDA dated 05-12-2000) retained only the right to receive 15.3% of the total built up area, which does not fall within the exhaustive definition of assets under....... + More
-
2022 (5) TMI 138
Nature of land sold - assessee has filed details that the land sold is agricultural land and claimed exemption u/s.2(14) of the Act and the assessee filled following details but the AO rejected the assessee s claim that the assessee has sold agricultural land - HELD THAT:- We noted that the assessee sold the land at 127, A Block, Panruti Village, Sriperumbudur Taluk, Kanchipuram District and the adjacent land sold by assessee s family member Smt. Majeeda Shahida Begum [ 2018 (7) TMI 2256 - ITAT CHENNAI] having same address No.127, Panruti Vill....... + More
-
2022 (5) TMI 137
Wealth tax assessment - assessment of cash in hand in the hands of individual assessee - whether liable to wealth tax or not? - assessee claimed that he runs a big retain chain of business in the State wherein the daily cash sales clocks in an average of Rs.1.5 crores and availed overdraft facility from Indian Bank, T.Nagar Branch against the security of current asset, mainly of stock in trade with the condition that the realization of sale proceeds is to be deposited with them - HELD THAT:- We noted that the assessee may be having big retail ....... + More
-
2022 (4) TMI 1513
Refund the amount realized from the bank account of the petitioner, which was realized during the pendency of Appeal - HELD THAT:- Upon remand by the learned ITAT the assessment has been completed and order has been passed read with corrigendum wherein the petitioner has been assessed for amount of Rs.2,38,32,860/- and a demand notice has been issued on 31st March 2022 raising a total demand of Rs.71,14,028/- after making necessary adjustment including the adjustment of Rs.36.59 Lakhs which the petitioner was claiming as refund. These statemen....... + More
