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Wealth-tax - Case Laws

Showing 1 to 20 of 251 Records

  • 2016 (1) TMI 826 - SUPREME COURT OF INDIA


    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 (6) TMI 256 - ITAT KOLKATA

    D.C.W.T. Central Circle-VI, Kolkata Versus Shri Vivek Kr. Kathotia

    Penalty u/s 18(1)(c) of W.T.Act, 1957 - Held that - The penalty is leviable on the date on which the concealment of wealth is committed i.e. the date of offering the return of wealth. Therefore in the present case it will not be justified to refer to the returned wealth u/s 14(1) of the Act for the initiation of penalty u/s 18(1)(c) of the Act. Therefore when there is no concealment there is no question of penalty u/s 18(1)(c) of the Act. - The c....... + More

  • 2015 (2) TMI 997 - ITAT KOLKATA

    Wealth Tax Officer, Wd-10(2) Kolkata Versus Ferrolite products Ltd.

    Exclusion of values of land and house property from net wealth - renting out of property - commercial establishment or complex - assets are situated in urban area and have been shown under separate block in the audited accounts - Held that - The facts emerges are that total area of land consists of 20164 sft out of which area is 10771 sft namely, the factory building, courtyard, electrical substation, labour quarters, office and godown etc. The a....... + More

  • 2013 (9) TMI 957 - GUJARAT HIGH COURT

    Commissioner of Wealth Tax Versus Vasumatiben Chhaganlal Virani

    Property in Commercial Area u/s 2(ea) Explanation 5(1) Exclusion of Value of Property Net Wealth - Whether the Tribunal was right in law and in fact in holding that the property of the assessee in commercial area let out falls under the exception clause any property in the nature of commercial establishments or complexes as per explanation 5(i) of section 2(ea) of the Wealth Tax Act - Held that - To our mind sub-clause(5) of clause(i) of section ....... + More

  • 2012 (6) TMI 668 - Karnataka High Court

    Commissioner of Income-tax Versus Shankaranarayana Industries and Plantations Pvt. Ltd.

    Exemption under wealth tax - assets u/s 2(ea) - Valuation of assets under WT Act - leasehold property - commercial complex let out on rent Held that - By an amendment in clause (ea) of section 2, commercial buildings, which are not occupied by the assessee for the purpose of his business or profession, other than the business of letting out properties, shall be brought to tax under the Wealth-tax Act, 1957 - said amended section was in force only....... + More

  • 2012 (5) TMI 149 - GUJARAT HIGH COURT


    Valuation under Wealth Tax - Fair Market Value of the selfsame jewellery as on 1st April 1974 should be arrived by reverse indexation from the date of sale held in December 1991 based on the sale price and not from the Fair Market Value as on 31 st March 1989 on the basis of which the Revenue had imposed Wealth Tax upon the assessee Held that - Revenue having accepted the declaration of the valuation of the selfsame jewellery given by the assesse....... + More

  • 2012 (4) TMI 151 - ITAT CHENNAI

    Vyline Glass Works Ltd. Versus Assistant Commissioner of Wealth-tax, Company Circle 111(4), Chennai

    Wealth-tax appeals - assessee company engaged in the business of manufacturing and sale of glass products due to adverse conditions faced by assessee granted plant and machinery and land and buildings on lease - offered the lease rent and processing charges earned for taxation under the head Business income AO held assessee was earning rental income assets leased out are liable for wealth-tax Held that - the nature and character of the properties....... + More

  • 2011 (3) TMI 690 - CALCUTTA HIGH COURT

    IK. Agencies Pvt. Ltd. Versus Commissioner of Wealth Tax, Kol-III

    Re-assessment u/s 34 (l) (a) - whether a notice of reopening of the assessment is valid when the notice has not been given to the real assessee or an assessee who was not in existence at the time of issue - While, the authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant and the notice issued upon M/s. Abhudey Pro....... + More

  • 2010 (9) TMI 824 - ALLAHABAD HIGH COURT

    Commissioner of Income-tax Versus Sahara India Savings Corpn. Ltd.

    Value of the properties - The value of the immovable property, as business asset of the assessee has to be taken in accordance with rule 3 of Part B in Schedule III appended to the Wealth-tax Act. It is only if any condition under rule 8 is satisfied, that the assessing authority could have referred to and determined the value under rule 20. The provisions of rule 14(2)(b) are not applicable to the present case as no depreciation is admissible to....... + More


    Commissioner of Wealth-tax Patiala Versus Parminder Singh

    ... ...
    ... ... assessee, in the obtaining circumstances of the case. 30. For the reasons recorded above, the instant appeals are partly dismissed and partly allowed and the impugned order (Annexure A3) is accordingly modified, in the manner indicated hereinabove.

  • 2010 (2) TMI 635 - Punjab and Haryana High Court

    Commissioner of Income-tax Versus Smt. Neena Jain

    Exemption - Value of House under construction and investment on construction - incomplete building of the assessee neither falls within the definition of a building, as contemplated under section 2(ea) of the Act, nor within the purview of urban land as excluded by Explanation 1(b) of the Act. - The burden of proof was on the Revenue and the adjudicating authority was required to record a categoric finding that the building of the assessee actual....... + More

  • 2010 (1) TMI 751 - Punjab and Haryana High Court

    Rockman Cycle Industries Ltd. Versus Commissioner of Wealth Tax and Anr.

    Agricultural land for industrial purpose - permission to change of the land use for industrial purpose was granted by the Department of Town and Country Planning, on 26th July, 1995 - assessing authority included the value of the plots while assessing the amount of wealth-tax - Held that - two years exemption period of tax of industrial plots held by the assessee would be reckoned from the date of acquisition of plots by it for the purpose of rel....... + More

  • 2009 (12) TMI 628 - Kerala High Court

    Commissioner of Wealth-tax Versus John L. Chackola

    Maintainability of the appeals - question of law - maintainability of the appeals with reference to Instruction No. 2 of 2005 which in exception clause (3) provides for entertaining of appeals below the tax effect if the question of law involved is substantial question of law of importance as well as cases where the same question of law will repeatedly arise for decision in successive years of assessment Held that - appeals are maintainable befor....... + More

  • 2009 (12) TMI 572 - Kerala High Court

    Apollo Tyres Ltd. Versus. Assistant Commissioner of Income-tax

    Wealth tax Assets Urban land on which commercial building constructed within two years of acquisition Commencement of construction within two years wealth tax could not be charged on such land....... + More

  • 2009 (7) TMI 834 - Kerala High Court

    Commissioner of Wealth-tax Versus Smt. KR. Ushasree (and other connected appeals)

    Asset u/ s2(ea)(vi) - Cash in hand - Parliament deliberately brought to tax cash in hand in the case of individuals and HUFs for the purpose of levy of wealth-tax in excess of the limit of Rs.50,000 by treating it as non-productive asset - Cash in hand of businessmen should be treated as productive asset also is meaningless - The Departmental appeals, reversing the orders of the Tribunal and by upholding the orders of the lower authorities holdin....... + More


    Commissioner of Wealth Tax, Faridabad Versus Lt. Genl. (Retd.) RK. Mehra

    Land Urban Land Taxability under wealth tax - any land on which construction of building is not permitted under any law for the time being in force in the area in which such a land is situated, was not to be included in the expression urban land - the land occupied by any building which has been constructed with the approval of the appropriate authority would also not be included in the expression urban land . - the farm house constructed on the ....... + More

  • 2009 (2) TMI 51 - BOMBAY HIGH COURT

    Anand Estate Pvt. Ltd. Versus Deputy Commissioner of Income Tax

    Ware-housing business Tribunal s finding that the godowns given on rent are occupied by the lessee for their business and were not occupied by the appellants for their business therefore, value of the godowns must be included in the net wealth of the assessee, is a finding of fact since assessee is closely held company, for computing net wealth S. 40(3) of the Finance Act, 1983 is relevant substitution of definition of asset by Finance Act 2 of 1....... + More

  • 2009 (1) TMI 430 - BOMBAY HIGH COURT


    Amount deposited under compulsory Deposit Scheme- . Whether on the facts and circumstances of the case, the Tri bunal was right in law in holding that the amount of Rs. 1,99,750 under the Compulsory Deposit Scheme (Income-tax Payers) Act, 1974, constitute an asset under section 2(e) of the Wealth-tax Act, and, therefore, includible in the net wealth of the assessee, for the assessment year 1980-81? Held that- That apart, in the case of a compulso....... + More

  • 2008 (4) TMI 473 - BOMBAY HIGH COURT


    Wealth Tax - Reassessment - Whether on the facts and in the circumstances of the case and in law, the hon ble Income-tax Appellate Tribunal was justified in holding that the Assessing Officer was not justified in reopening the assessment on the basis of the valuation report obtained by him sub-sequent to the date of completion of assessment ? Held that - the wealth tax officer has in some circumstances, to complete the proceedings for assessment ....... + More



    Wealth tax non-acceptance of valuation of assessee - reference to the Valuation Officer - Wealth-tax Officer is bound to make a reference to the Valuation Officer if he did not agree with the report of the registered valuer relied upon by the assessee - provisions of section 16A(1), clause (b, mandatorily require the Wealth-tax Officer to make a reference....... + More


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