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Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 1 Page 8 of about 815,515 results (1.218 seconds)

Mar 05 1997 (HC)

Rani H.R. Laxmi (Estate) (Late) (Through B.K. Singh) Vs. Commissioner ...

Court : Patna

..... section 19a of the wealth-tax act, 1957 ?'2. the short facts are that the assessee is an ..... executor of the estate of the late rani h.r. laxmi, who died on march 7, 1980. the return of wealth as on the valuation date, i.e., march 31, 1980, was due ..... 1. in this case the income-tax appellate tribunal, patna bench, patna, has referred the following question of law to this court for its opinion under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') :' whether under the facts and circumstances of the case, the tribunal was right in holding that a penalty under section 18(1)(a) could be imposed on the executor assessed under .....

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Nov 28 2000 (HC)

Commissioner of Wealth-tax Vs. L.G. Balakrishnan

Court : Chennai

Reported in : [2001]249ITR578(Mad)

..... shares of a company (other than an investment company or a managing' agency company) is perfectly valid and effective. neither is it inconsistent with section 7(1) of the wealth-tax act, 1957, nor does it travel beyond the purview of section 7(1).'4. it is further held that rule 1d has to be followed in valuing' each and eveiy case of unquoted equity shares of a ..... been made. the amount standing to the credit of the assessee in the compulsory deposit scheme account falls within the expression 'property of every description movable or immovable' used in section 2(e) of the wealth-tax act, 1957. therefore, the amount standing to the credit of an assessee in the compulsory deposit account should be treated as an 'asset' within the meaning of ..... which is deductible as a liability while ascertaining the value of unquoted equity share for the purpose of rule 1d of the wealth-tax rules, 1957 ?'2. the assesses is a hindu undivided family holding shares ..... k. gnanaprakasam, j.1. at the instance of the revenue two questions were referred to this court. the first question is :'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the advance tax payable under section 210 of the income-tax act, 1961, should not be reducedfrom the amount of provision for taxation .....

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Apr 15 1996 (HC)

Commissioner of Wealth-tax Vs. Smt. Radha Parthasarathy

Court : Chennai

Reported in : [1998]231ITR803(Mad)

..... the department, the tribunal referred the following question for the opinion of this court under section 27(1) of wealth-tax act, 1957 : 'whether, on the facts and in the circumstances of the case, and having regard to sub-clause (f) of clause (ii) of explanation ii to rule 1d of the wealth-tax rules, the appellate tribunal was right in holding that in arriving at the break ..... the workmen gratuity as and when it becomes liable. consequently, the provisions of explanation ii (ii)(f) to rule 1d of the wealth-tax rules, 1957, will not apply and for determining the value of unquoted shares for purposes of wealth-tax, gift-tax and estate duty, their value will have to be ascertained under the break-up value method after deducting the provision for gratuity ..... allowed as a deduction ?' 2. the point for consideration in this case is, having regard to sub-clause (f) of clause (ii) of explanation ii to rule 1d of the wealth-tax rules, in arriving at the break-up value of the shares, whether the provision for gratuity should be treated as a liability and accordingly should be allowed as deduction. a .....

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Dec 12 1994 (HC)

Commissioner of Wealth-tax Vs. Smt. Urmila L. Pittie

Court : Mumbai

Reported in : [1995]215ITR356(Bom); 1995(2)MhLj35

dr. b.p. saraf, j.1. by this reference under section 27(1) of the wealth-tax act, 1957, the following question of law has been referred by the income-tax appellate tribunal to this court for opinion : 'whether, on the facts and in the circumstances of the case, the ..... valuation when the property was valued on the rent capitalisation method ?' 2. the assessee is an individual. this reference relates to her assessments under the wealth-tax act for the assessment years 1975-76 and 1976-77, the relevant valuation dates being march 31, 1975, and march 31, 1976, respectively. the assessee ..... the value of the property in question arrived at by the departmental valuer by the rent capitalisation method, the assessee appealed to the commissioner of wealth-tax (appeals). the commissioner of wealth-tax (appeals), following the decision of the calcutta high court in cwt v. smt. ashima sinha : [1979]116itr26(cal) , accepted the ..... contention of the assessee and directed the wealth-tax officer to work out the value of the assessee's share in the property on the capitalised rental valuation adopted by the departmental valuation officer ..... the ground that the building is very old. we are in agreement with the ratio of the decision of the calcutta high court in this regard in citcitcit v. smt. ashima sinha : [1979]116itr26(cal) . we have also perused the decision of the karnataka high court in smt. s. neelaveni v. .....

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Mar 20 1991 (HC)

Commissioner of Wealth-tax Vs. Nita Mahesh Bhogilal

Court : Mumbai

Reported in : [1991]192ITR414(Bom)

..... for the assessment years 1971-72 and 1972-73, the tribunal has referred to this court two questions of law under section 27(1) of the wealth-tax act, 1957. the question are : '1. whether, on the facts and in the circumstances of the case, the liabilities as shown in the balance-sheet of batliboi and co. p. ltd., as on march 31, 1971/ ..... determining the market value of the unquoted shares of the said company in terms of rule 1d of the wealth-tax rules, 1957 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the provision made for section 23a liability for the assessment years 1961-62 to 1963-64 and for the income ..... -tax liability for the assessment year 1970-71 constituted the market value of unquoted equity shares of the company in terms of rule 1d of the wealth-tax rules, 1957 ?' 2. it is common ground that the sum of ..... of the wealth-tax rules, 1957. 4. shri jetley, learned counsel for the department, contended that when the liabilities were cancelled, it was not only open but open but the wealth-tax officer was obliged to ignore these liabilities for the purpose of valuing the shares under rule 1d. shri dilip dwarkadas, learned counsel for the assessee has reiterated that the liabilities under section 23a continued .....

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Feb 17 1984 (HC)

Commissioner of Wealth-tax Vs. Meattles (P.) Ltd.

Court : Delhi

Reported in : [1985]156ITR569(Delhi)

s.s. chadha, j. 1. in this reference under section 27(1) of the wealth-tax act, 1957 (for short called 'the act'), the following question of law has been referred for the opinion of the court : 'whether, on the facts and in the circumstances of the case, the tribunal was justified in ..... law in holding that the income of the crown flour mills would not be included in the net wealth of the ..... assessed company for the assessment year 1958-59 ?' 2. the reference arises out of the assessment to wealth-tax of m/s. meattles pvt. ltd. of delhi for the assessment year 1958-59. the date of valuation of the assessed is march 31, 1958. for the assessment year 1957-58, in compliance with the direction of this court in w.t.c. no ..... same issue come up for decision in a different assessment. the admission made is in the income-tax appeal for the exclusion of the income of crown flour mills from assessment. this admission was withdrawn in the proceedings under the act for determining the net wealth of the assessed for the assessment year 1958-59. there is no estoppel against a statute. where .....

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Jan 31 1992 (HC)

Rama Prasad Goenka Vs. Commissioner of Wealth-tax

Court : Kolkata

Reported in : [1992]195ITR510(Cal)

..... of the assessee, the following question of law has been referred by the tribunal to this court under section 27(1) of the wealth-tax act, 1957 :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in its decision that income-tax refunds determined after the valuation date should be considered as an asset for inclusion in the net ..... wealth as on the valuation date ?'2. this reference relates to the assessment for the assessment year 1974-75 corresponding ..... , however, held that the refunds could be considered as actionable claims as on the valuation date and, therefore, were includible in the net wealth.3. this issue has recently been decided by the rajasthan high court in citcitcit v. rangnath bangur as well as by the gujarat high court in cwt v. arvindbhai chinubhai : [1982]133itr800(guj) . it has been ..... two situations conceivable where the refund shall not relate back. one situation is where the advance tax or tax deducted at source is included in the computation of net wealth. the other situation of non-inclusion of refund may arise if the refund arises out of the tax paid after the valuation date.7. in that view of the matter, we decline to answer .....

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Jun 27 1996 (HC)

Commissioner of Wealth-tax Vs. Biswajit Samonta

Court : Patna

..... which the banking regulation act, 1949 (10 of 1949), applies.'6. clause (xxvi) of section 5 of the wealth-tax act is relevant. section 5 grants exemption in respect of certain ..... , c.d.s. would be exempt from being included in the assessce's wealth, section 7a reads as under (see [1980] 124 itr 64, 91) : '7a compulsory deposit to be exempt for purposes of wealth-tax.--for the purposes of exemption under section 5 of the wealth-tax act, 1957 (27 of 1957), the amount of compulsory deposits shall be deemed to be a deposit with a banking company to ..... tribunal, patna bench, under the provisions of section 27(1) of the wealth-tax act, 1957, referred to this court the following two questions for its opinion (assessment years 1981-82 and 1982-83) '1. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the provision for tax liability was deductible for arriving at the break-up .....

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Dec 12 1994 (HC)

Commissioner of Wealth-tax Vs. Ajit Alias Hamid Alikhan

Court : Mumbai

Reported in : [1995]215ITR454(Bom)

..... the assessee to receive the annuities in future forms part of his net assets under section 2(e) of the wealth-tax act, 1957, or not. section 2(e) of the wealth-tax act, 1957, as applicable to the assessment years 1957-58 to 1969-70, so far as relevant, read as under : '2. in this act, unless the context otherwise requires, - (e) 'assets' includes property of every description, movable or immovable ..... the right to receive the annuities in future secured on the annuity policies was not an asset, the value of which was includible in the net wealth of the assessee under section 2(e) of the wealth-tax act, 1957 ?' 2. this reference pertains to the assessment year 1977-78. the assessee is a professional film artiste. according to the terms of the contract with the ..... , but does not include, - (1) (iv) a right to any annuity in any case where the terms ..... dr. b.p. saraf, j. 1. by this reference under section 27(1) of the wealth-tax act, 1957, the income-tax appellate tribunal has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, the tribunal was right in .....

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May 03 1991 (HC)

Commissioner of Wealth Tax Vs. Miss. Sudha P. Patel and Another

Court : Mumbai

Reported in : [1992]196ITR8(Bom)

..... reference has been made by the tribunal under section 27(1) of the wealth-tax act, 1957, at the instance of the revenue and pertains to the assessment years 1968-69 to 1974-75. the question referred for the opinion of this court is : 'whether, on the ..... the allotted premises by themselves or through their nominee, was property within the meaning of the said word as used in the definition of the expression 'assets' in section 2(e) of the wealth-tax act. in as much as the said right was transferable for consideration, the said right had a market value and, therefore, the tribunal was in error in taking the ..... is advanced on behalf of the assessees that the right which the shareholders (assessees) obtained had no market and, therefore, was not an 'asset' within the meaning of section 2(e) of the wealth-tax act. 9. in our view, the contention advanced on behalf of the assessee is unsound and had to be rejected. we agree with the contention of the learned counsel ..... for the revenue that the definition of the term 'assets' in section 2(e) is an inclusive definition and anything that amounts to 'property' would fall within its ambit, unless .....

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