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Judgment Search Results Home  Phrase:wealth tax act 1957 section 1  Page:8

May 19 1994

Commissioner of Wealth-tax, Bihar-I, Patna Vs. Jagdish Prasad Choudhar ...

  • Decided on : 19-May-1994

Court : Patna

... Section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as the saidAct) is set out below :-- 'Whether on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalties imposed under Section 18(1)(a) of the Wealth-tax Act, 1957 on the ground that no reasonable opportunity of being heard was given by the successor Wealth-tax ... 1) of the Wealth-tax Act, 1957 (hereinafter referred to as the saidAct) is set out below :-- 'Whether on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalties imposed under Section 18(1)(a) of the Wealth-tax Act, 1957 on the ground that no reasonable opportunity of being heard was given by the successor Wealth-tax Officer before passing the Order imposing penalties under Section ... Wealth-tax Act, 1957 (hereinafter referred to as the saidAct) is set out below :-- 'Whether on the facts and in the circumstances of the case, the Tribunal was justified in cancelling the penalties imposed under Section 18(1)(a) of the Wealth-tax Act, 1957 on the ground that no reasonable opportunity of being heard was given by the successor Wealth-tax Officer before passing the Order imposing penalties under Section 18(1 ...

Mar 18 1978

Commissioner of Wealth-tax, Mysore Vs. H.H. Yeshwant Rao Ghorpade

  • Decided on : 18-Mar-1978

Court : Karnataka

Reported in : [1978]115ITR232(KAR); [1978]115ITR232(Karn)

... 1. The following question has been referred to this court by the Income-tax Appellate Tribunal, Bangalore Bench, under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') : 'Whether, on the facts and in the circumstances of the case, and having regard to the provisions of section 4(1)(a)(iii) of the Wealth-tax Act, 1957, as amended by the Wealth-tax (Amendment) Act ... tax Appellate Tribunal, Bangalore Bench, under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') : 'Whether, on the facts and in the circumstances of the case, and having regard to the provisions of section 4(1)(a)(iii) of the Wealth-tax Act, 1957, as amended by the Wealth-tax (Amendment) Act, 1964, the Tribunal was right in law in holding that the sum of Rs. 1 ... section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') : 'Whether, on the facts and in the circumstances of the case, and having regard to the provisions of section 4(1)(a)(iii) of the Wealth-tax Act, 1957, as amended by the Wealth-tax (Amendment) Act, 1964, the Tribunal was right in law in holding that the sum of Rs. 1,56,271, being the value of 1 ...

Mar 27 1987

Commissioner of Wealth Tax Vs. Sultan Ali

  • Decided on : 27-Mar-1987

Court : Andhra Pradesh

Reported in : [1988]174ITR249(AP)

... 1. The question referred for our opinion under section 27(1) of the Wealth-tax Act, 1957, is : 'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the penalty under section 18(1)(a) should be computed after deducting the total wealth assessed under section 16 from the total wealth assessed under section 17 of the Act ?' ... section 18(1)(a) should be computed after deducting the total wealth assessed under section 16 from the total wealth assessed under section 17 of the Act ?' 2. The relevant facts are that for the assessment year 1967-68, the assessment was completed on March 28, 1968. The assessment was made under section 16(3) of the Wealth-tax Act. No proceedings for levy of penalty under section ... wealth assessed under section 16 from the total wealth assessed under section 17 of the Act ?' 2. The relevant facts are that for the assessment year 1967-68, the assessment was completed on March 28, 1968. The assessment was made under section 16(3) of the Wealth-tax Act. No proceedings for levy of penalty under section 18 were initiated on this occasion. Subsequently, a notice under section ... The assessment was made under section 16(3) of the Wealth-tax Act. No proceedings for levy of penalty under section 18 were initiated on this occasion. Subsequently, a notice under section 17 was issued and served upon the assessee on May 3, 1972. (Section 17 of the Act provides for bringing to tax the escaped wealth.) 35 days time was ...

Sep 18 1992

Commissioner of Wealth-tax Vs. Syed Amjad Ali

  • Decided on : 18-Sep-1992

Court : Allahabad

Reported in : [1993]202ITR19(All)

... a partner was an industrial undertaking within the meaning of the Explanation to Section 5(1)(xxxii) of the Wealth-tax Act, 1957, and as such in confirming the order of the Appellate Assistant Commissioner whereby he held that the assessee was entitled to exemption under Section 5(1)(xxxii) of the Act in respect of his interest in the said firm ?'2. List is revised ... the assessee in his submission to the Appellate Assistant Commissioner. In our opinion, the Appellate Assistant Commissioner was correct in giving the Wealth-tax Officer necessary directions to give the assessee relief under Section 5(1)(xxxii) of the Wealth-tax Act, 1957.'4. It is, therefore, necessary to advert to the finding of the Appellate Assistant Commissioner, who dearly found that the firm ... by the Appellate Assistant Commissioner. The word 'processing' has not been defined under the Wealth-tax Act, 1957 (briefly, 'the Act'), and, therefore, it is necessary to see what is the true meaning and connotation of the word 'processing' within the meaning of Section 5(1)(xxxii) of the Act. The question of what is 'processing', came up before the Supreme Court in Chowgule ... before the Supreme Court was as to what is the correct meaning and connotation of the word 'processing' in Section 8(3)(b) of the Central Sales Tax Act and Rule 13 of the Central Sales Tax (Registration and Turnover) Rules, 1957, which too did not define the word 'processing'. The Supreme Court then adverted to Webster's Dictionary, which gives ...

Oct 08 1996

Sree Narayana Chandrika Trust Vs. Commissioner of Wealth-tax

  • Decided on : 08-Oct-1996

Court : Kerala

Reported in : [1997]224ITR468(Ker)

... Section 13(1)(c)(ii) and 13(2)(h) read with Section 13(3) of the Income-tax Act, 1961. Considerations relating to the matter of exemption, whether it is under the provisions of the Income-tax Act, 1961, or under the provisions of Section 5(1)(i) of the Wealth-tax Act, 1957, are identical by virtue of the provisions of Section 21A of the Wealth-tax Act, 1957, wherein Section 13(3) of the Income-tax Act ... tax Act, 1961, read with the statutory provisions of Section 13(1)(c)(ii) and 13(2)(h) read with Section 13(3) of the Income-tax Act, 1961. Considerations relating to the matter of exemption, whether it is under the provisions of the Income-tax Act, 1961, or under the provisions of Section 5(1)(i) of the Wealth-tax Act, 1957, are identical by virtue of the provisions of Section 21A of the Wealth-tax Act, 1957, wherein Section ... Section 13 of the Income-tax Act are to be read in Section 21A of the Wealth-tax Act by reason of its express mention and use in the second proviso to Section 21A of the Wealth-tax Act. In the process, the Tribunal came to the conclusion that the assessee was not entitled to the benefit of exemption contemplated under Section 5(1)(i) of the Wealth-tax Act, 1957 ...

Mar 16 1994

Commissioner of Wealth-tax Vs. Ramniwas Karwa and Anr.

  • Decided on : 16-Mar-1994

Court : Guwahati

... 1. This is a reference under Section 27(1) of the Wealth-tax Act, 1957, by the Appellate Tribunal, Gauhati Bench, to this court, on the following question of law ;'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in setting aside the orders of the authorities below regarding allowability of exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957 ... Section 27(1) of the Wealth-tax Act, 1957, by the Appellate Tribunal, Gauhati Bench, to this court, on the following question of law ;'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in setting aside the orders of the authorities below regarding allowability of exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957, at the stage of determination of net wealth ... the orders of the authorities below regarding allowability of exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957, at the stage of determination of net wealth of the association of persons in which the assessee was a member, before its allocationamongst the members, for fresh disposal by the Wealth-tax Officer in the light of the decision of the Appellate ... to the said statement of case are that the assessees, Ramniwas Karwa and Shyam Sundar Karwa, claimed that they are entitled to exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957 (in short, 'the Act'), in respect of their shares in the house property of the association of persons of which they are members. In the assessment ...

Mar 31 1994

Commissioner of Wealth-tax Vs. Parsuram Chouthmal (HUF)

  • Decided on : 31-Mar-1994

Court : Guwahati

... section (1) of Section 5 of the Wealth-tax Act, 1957 (for short, 'the Act'), make it clear that in respect of the assets mentioned in the said sub-section, wealth-tax shall not be payable by an 'assessee' and that the said assets shall not be included in the net wealth of the 'assessee'. The word 'assessee' has been defined in Section 2(c) of the Act to mean a person by whom wealth-tax ... Wealth-tax Act, 1957, for the opinion of this court on the following question of law arising out of the order of the Appellate Tribunal dated July 27, 1988, in Wealth-tax Appeal No. 317/(Gau) of 1987 : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Wealth-tax Officer to allow exemption under Section 5(1)(iv) of the Wealth-tax Act ... Section 27(1) of the Wealth-tax Act, 1957, for the opinion of this court on the following question of law arising out of the order of the Appellate Tribunal dated July 27, 1988, in Wealth-tax Appeal No. 317/(Gau) of 1987 : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Wealth-tax Officer to allow exemption under Section 5(1 ... the assessment year 1980-81, the respondent-assessee claimed exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957 (for short, 'the Act'), in respect of the house properties owned by a partnership firm of which the respondent-assessee was a partner. The Wealth-tax Officer rejected the said claim for the reasons mentioned in the ...

Jan 31 1986

Commissioner of Wealth-tax Vs. Kerala State Road Transport Corporation ...

  • Decided on : 31-Jan-1986

Court : Kerala

Reported in : [1987]164ITR737(Ker)

... from wealth-tax under Section 5(1)(xvii) of the Wealth-tax Act, 1957?' 2. The assessee is the Kerala State Road Transport Corporation General Provident Fund Trust (hereinafter referred to as 'the trust') and the assessment relates to the wealth-tax for the assessment years from 1967-68 to 1975-76. The Wealth-tax Officer passed orders of assessment under Section 21(4) of the Wealth-tax Act overruling ... be entitled to exemption from wealth-tax in respect of the properties held by it under Section 5(1)(xviib) of the Wealth-tax Act, 1957? (3) If questions Nos. 2 and 3 are answered in the negative, whether, on the facts and in the circumstances, assessments are to be made under Section 21(1) of the Wealth-tax Act and not under Section 21(4) thereof ? (4) ... Section 21(1) of the Wealth-tax Act and not under Section 21(4) thereof ? (4) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amounts standing to the credit of each of the subscribers in the provident fund held by the assessee-trust would be exempt from wealth-tax under Section 5(1)(xvii) of the Wealth-tax Act, 1957 ... Menon, J.1. The Income-tax Appellate Tribunal, Cochin Bench, has referred the following questions for the decision of this court under Section 27(1) of the Wealth-tax Act, 1957 :'(1) Whether, on the facts and in the circumstances of the case, the provident fund held by the assessee-trust could be considered as one to which the Provident Funds Act, 1925, applied ...

Apr 07 1981

Commissioner of Wealth Tax, Amritsar Vs. Suresh Seth

  • Decided on : 07-Apr-1981

Court : Supreme Court of India

Reported in : AIR1981SC1106; (1981)21CTR(SC)349; [1981]129ITR328(SC); 1981(1)SCALE729; (1981)2SCC790; [1981]3SCR419; 1981(13)LC555(SC)

... by the department on the assessee under Section 18(1)(a) of the Wealth-tax Act, 1957, for the assessment years 1964-65 and 1965-66 respectively ?3. The assessee, the respondent in these appeals filed his wealth-tax returns for the assessment years 1964-65 and 1965-66 on March 18, 1971 while he was required by Section 14(1) of the Act to file the return for the ... 1. The Commissioner of Wealth Tax, Amritsar has filed the above appeals by special leave against the judgment of the High Court of Punjab and Haryana in a reference made under Section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') answering in favour of the assessee the following two questions :1. Whether, on the facts and in the circumstances of the case, the ... Haryana in a reference made under Section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') answering in favour of the assessee the following two questions :1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the offence relating to the omission to file the Wealth-tax returns was a continuing offence ? ... relating to the omission to file the Wealth-tax returns was a continuing offence ?2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law upholding the penalties of Rs. 5382/- and Rs. 7759/- levied by the department on the assessee under Section 18(1)(a) of the Wealth-tax Act, 1957, for the assessment years 1964-65 and ...

Nov 14 1975

Shardaben Jayantilal Mulji and Others. Vs. Commissioner of Wealth-tax

  • Decided on : 14-Nov-1975

Court : Mumbai

Reported in : [1977]106ITR667(Bom)

... wealth-tax authorities for paying tax in respect of them, and he could not by the device of transferring the shares to trustees, evade his liability for payments of wealth-tax thereon. It is from that order of the Tribunal that the present reference arises. 4. Section 4(1)(a)(iii) of the Wealth-tax Act, 1957, was, at the materials time in the following terms : '4. (1) In computing the net wealth ... distribution mentioned therein. 3. The Wealth-tax Officer, by his order dated 31st December, 1960, took the view that the said settlements were not for adequate consideration, but were in the nature of gifts, and he, accordingly, included the value of the trust shares in the wealth of the assessee under section 4(1)(a)(iii) of the Wealth-tax Act, 1957. It may be stated that ... created and declared in the present case were not transfers for adequate considerations within the terms of section 4(1)(a)(iii) of the Wealth-tax Act, 1957, and that the property which is the subject-matter of those trusts is liable to be included in the net wealth of the assessee, as on the respective valuation dates, and the question referred to us ... or consideration in money or money's worth within the terms of section 4(1)(a)(iii) of the Wealth-tax Act. Mr. Mehta's contention that the obligations which the trustees have undertaken to carry out the trust in the present case constitutes 'adequate consideration' within section 4(1)(a)(iii) of the Wealth-tax Act must, therefore, be rejected. 6. It was then sought to ...

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