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Search Results Judgments > Act:WEALTH TAX ACT, 1957 Section 1 Page:8

Apr 20 1989

Thanthi Trust Vs. Wealth-tax Officer

  • Decided on : 20-Apr-1989

Court : Chennai

Reported in : (1989)78CTR(Mad)54; [1989]178ITR1(Mad)

... section 5(1)(i) of the Wealth-tax Act, 1957, provides for exemption. However, the said provision is subject to section 21A of the Act which was introduced by the Finance Act, 1972, with effect from April 1, 1973. The non obstante clause present in that section is very significant. The very object of introducing that section ... section 5(1)(i) of the Wealth tax Act cannot be accepted. As was rightly held by the learned single judge, the appellant could advance all its objections against the proposed assessments before the respondent. Bypassing the statutory remedy, it cannot come by way of a writ petition. No doubt, section 5(1)(i) of the Wealth-tax Act, 1957, provides for exemption. However, the said provision is subject to section ... Wealth-tax Act, 1957, provides for exemption. However, the said provision is subject to section 21A of the Act which was introduced by the Finance Act, 1972, with effect from April 1, 1973. The non obstante clause present in that section is very significant. The very object of introducing that section it to see that the funds of the trust are properly applied. Therefore, the exemption granted under section 5(1 ...

Apr 14 1972

V.N.S. Sockalingam Chettiar (decd.) by L.R. Vs. Commissioner of Income ...

  • Decided on : 14-Apr-1972

Court : Chennai

Reported in : [1973]91ITR224(Mad)

... , J.1. The following five questions have been referred to us under Section 66(1) of the Income-tax Act and Section 27(1) of the Wealth-tax Act:' 1. Whether, on the facts' and circumstances of the case, the reassessment made on the assessee-family for the assessment years 1951-52 to 1953-54, under Section 34(1)(a) of the Indian Income-tax Act, 1922, are valid in law ? 2. Whether, on ... Section 66(1) of the Income-tax Act and Section 27(1) of the Wealth-tax Act:' 1. Whether, on the facts' and circumstances of the case, the reassessment made on the assessee-family for the assessment years 1951-52 to 1953-54, under Section 34(1)(a) of the Indian Income-tax Act, 1922, are valid in law ? 2. Whether, on the facts and circumstances of the case, the inclusion and assessment to tax ... assessment to wealth-tax of the value of the share in Kaloogala Estate in the net wealth of the assessee-family for the assessment years 1958-59 to 1960-61 are all justified and valid in law.13. So far as the assessment for the year 1950-51 is concerned, though the Tribunal held that the initiation of the proceedings under Section 34 in ... statements now made by Karuppan Chettiar and Nagappan Chettiar. This, in short, is the argument of the learned counsel for the assessee against invoking the provisions of Section 34(1)(a) of the Indian Income-tax Act, 1922.10. In the original assessment proceedings, the assessee pleaded that it was with Meenakshi Achi's funds the share in Kaloogala Estate was purchased, in spite ...

Apr 21 1997

Dr. V.M. Sivaprakasam Vs. Commissioner of Income-tax and another

  • Decided on : 21-Apr-1997

Court : Chennai

Reported in : [1999]236ITR820(Mad)

... Court. On the facts and circumstances of that case, the learned judge held that under section 18(2A) of the Wealth-tax Act, 1957, the discretion to waive or reduce penalty has to be exercised by the Commissioner judicially and if the conditions laid down in the section were fulfilled, the Commissioner was bound to waive or reduce penalty and that the mere failure ... such a nature as not to attract the provisions of clause (c) of sub-section (1) of section 271. (2) Notwithstanding anything contained in sub-section (1), - (a) if in a case the penalty imposed or impossible under clause (i) of sub-section (1) of section 271 or the minimum penalty impossible under section 273 for the relevant assessment year, or, where such disclosure relates to ... imposed under section 18 of the Wealth-tax Act on the assessees, who are the appellants before the Supreme Court for failure to file the returns in respect of the assessment year 1970-71 to 1975-76. 18. When the Act was amended by Parliament and section 18B incorporated by the Taxation Laws (Amendment) Act, 1975, i.e., (Act 41 of 1975), the assessee submitted wealth-tax ... section 14(2) of the Wealth-tax Act and had extended all co-operation in completing the assessment. The Commissioner had reduced the penalty only up to 25 per cent. of the minimum impossible under the Act. The Division Bench held that the Commissioner was fully satisfied that all the conditions precedent for the exercise of the power under section 18(2A) of the Wealth-tax Act ...

Jun 08 1998

Commissioner of Income-tax Vs. M.P. Narayanan

  • Decided on : 08-Jun-1998

Court : Chennai

Reported in : [2000]244ITR528(Mad)

... Section 18(1)(c) of the Wealth-tax Act, 1957 ?2. Whether the Tribunal was justified on material on record and in law to hold that no-penalty under Section 18(1)(c) is exigible in respect of value of silver ware, omitted by the assessee to disclose in her original return of wealth ... 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified and had valid materials to hold that there is no case for levy of penalty under Section 18(1)(c) of the Wealth-tax Act, 1957 ?2. Whether the Tribunal was justified on material on record and in law to hold that no-penalty under Section 18(1 ... Tax Case No. 921 of 1986, the following questions of law have been referred to us for our consideration :'1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified and had valid materials to hold that there is no case for levy of penalty under Section 18(1)(c) of the Wealth-tax Act, 1957 ... 1. All the tax cases under reference relate to the challenge to the levy of penalties on three assessees who are respondents herein. Tax Cases Nos. 913 and 914 of 1986 and Tax Cases Nos. 1458 and 1459 of 1986 arise under the Income-tax Act, 1961 (hereinafter to be referred to as 'the Act'). Tax Case No. 921 of 1986 arises under the Wealth-tax Act, 1957 ...

Jan 28 2008

Mr. Hassan Ali Khan Vs. Settlement Commission,

  • Decided on : 28-Jan-2008

Court : Mumbai

Reported in : (2008)217CTR(Bom)163; [2008]299ITR127(Bom)

... the Income Tax Act whereas the Application in Writ Petition No. 2423 of 2007 was under the Wealth Tax Act.4. The case of the petitioners is that at any stage of a case it was open under the provisions of Section 245(1) of the Income Tax Act to make an application. The petitioners made the application and also deposited the tax ... Tax Act. The Settlement Commission did not address itself to this issue and along with the application under the Income Tax Act also rejected the application under the Wealth Tax Act. 7. The respondents have filed the reply through Krishna Prabhakar, Deputy Commissioner of Income Tax. Various averments made by the petitioners have been dealt with. It is set out that considering the language of Section ... of the Income Tax Act before the Settlement Commission.6. Similarly, it is set out that the requirement for consideration and/or ascertainment of Wealth Tax are different from that of Income Tax Act. The Settlement Commission did not address itself to this issue and along with the application under the Income Tax Act also rejected the application under the Wealth Tax Act. 7. ... and/or ascertainment of Wealth Tax are different from that of Income Tax Act. The Settlement Commission did not address itself to this issue and along with the application under the Income Tax Act also rejected the application under the Wealth Tax Act. 7. The respondents have filed the reply through Krishna Prabhakar, Deputy Commissioner of Income Tax. Various averments made by ...

Jan 07 1981

Commissioner of Wealth-tax Vs. Shrikant Ramnarayan Mor

  • Decided on : 07-Jan-1981

Court : Mumbai

Reported in : (1981)23CTR(Bom)111; [1984]147ITR412(Bom)

... wealth assessed under s. 16 as reduced by the amount of net wealth, on which, in accordance with the rates of wealth-tax specified in Paragraph A of Part I of the Schedule or Part II of the Schedule, the wealth-tax chargeable is nil, or(B) the net wealth assessed under s. 14, where assessment has been made under that section, as reduced by -(1) the net wealth ... 1. The assessee was assessed to wealth-tax for the assessment year 1966-67. Though the assessee ought to have filed a return by June 30, 1966, he did not file any return under s. 14(1) of the W.T. Act, 1957 ... wealth-tax chargeable is nil, or(B) the net wealth assessed under s. 14, where assessment has been made under that section, as reduced by -(1) the net wealth, if any, assessed previously under s. 16 or s. 17 or(2) the amount of net wealth on which, in accordance with the rates of wealth-tax ... wealth-tax specified in Paragraph A of Part I of the Schedule or Part II of the Schedule, the wealth-tax chargeable is nil, or(B) the net wealth assessed under s. 14, where assessment has been made under that section, as reduced by -(1) the net wealth, if any, assessed previously under s. 16 or s. 17 or(2) the amount of net wealth ...

Mar 03 1987

Fatehsinh Gaikwar of Baroda Vs. A.D. Gupta and others

  • Decided on : 03-Mar-1987

Court : Mumbai

Reported in : [1988]173ITR529(Bom)

... dated January 8, 1971, under section 34 of the Wealth-tax Act, 1957, was enough. I cannot accept this submission for several reasons. In the first place, it should be noted that the tax liability under as many as ten different enactments (Wealth-tax Act is just one of them) is adverted to in section 230A(1)(a) of the present Act. As against this, the ... Wealth-tax Act, 1957, was enough. I cannot accept this submission for several reasons. In the first place, it should be noted that the tax liability under as many as ten different enactments (Wealth-tax Act is just one of them) is adverted to in section 230A(1)(a) of the present Act. As against this, the certificate banked upon by the plaintiff refers to the liability under one Act ... . Here, it may be noted that section 34 of the Wealth-tax Act, 1957, since repealed with effect from October 1, 1964, prohibited a Registering Officer from registering any document, unless a certificate of the Wealth-tax Officer was produced to the effect that the transferor either had made satisfactory provision for payment of the wealth-tax due to the Government or that the ... to the present Act. Thereafter, on July 25, and July 27, 1970, he issued the impugned orders directing the attachment of the two properties. Here, it may be noted that section 34 of the Wealth-tax Act, 1957, since repealed with effect from October 1, 1964, prohibited a Registering Officer from registering any document, unless a certificate of the Wealth-tax Officer was ...

Feb 13 2009

Commissioner of Wealth Tax Vs. A.M. Bhiwandiwalla

  • Decided on : 13-Feb-2009

Court : Mumbai

Reported in : (2009)222CTR(Bom)634; [2009]316ITR98(Bom); [2009]182TAXMAN198(Bom)

... 1 On further appeal, the Tribunal held that if the CIT had transferred income-tax cases from the IAC, C-IV Ward to IAC by a notification, it did not automatically mean that the said notification covered the cases under the WT Act as well. For wealth-tax purposes, a separate notification under Section 8AA of the Act ... Section 127(1) of the IT Act, 1961. Accordingly, the said IAC completed the assessment in respect of the assessee for the impugned years also. The contention of the assessee was that the IAC had no jurisdiction to pass the assessment order under the WT Act as the wealth-tax ... . The assessee was being assessed to wealth-tax by the WTO, C-IV Ward. Consequently (Subsequently), the CIT transferred the cases to the IAC, Assessment Range-VII (A) by issuing order under Section 127(1) of the IT Act, 1961. Accordingly, the said IAC completed ... Act as it then stood. Gainful reference may be made to Section 8 which reads as follows:8. Wealth-tax Officer--Every ITO having jurisdiction or exercising powers as such under the IT Act in respect of any individual, HUF or company shall perform the functions of a WTO under this Act ... Section 8 which reads as follows:8. Wealth-tax Officer--Every ITO having jurisdiction or exercising powers as such under the IT Act in respect of any individual, HUF or company shall perform the functions of a WTO under this Act in respect of such individual, HUF or company:Provided that where two or more ITOs have jurisdiction or exercise powers under the IT Act ...

Jan 19 1987

Commissioner of Wealth-tax Vs. Balijepalli Sridevamma

  • Decided on : 19-Jan-1987

Court : Andhra Pradesh

Reported in : [1987]165ITR167(AP)

... 1. The question referred under section 27(1) of the Wealth-tax Act is as follows : 'Whether, on the facts and in the circumstances of the case, the value of life interest, viz., Rs. 5,835, in respect of agricultural lands or the value of agricultural lands, viz., Rs. 1,75,035, is liable to levy of wealth-tax ... wealth-tax. On appeal at the instance of the Revenue, the Appellate Tribunal held that the value of the life interest alone is liable to be assessed as limited estate only was given by the will as provided under section 14(2) of the Hindu Succession Act and the widow did not acquire absolute interest in terms of section 14(1) of the Hindu Succession Act ... section 14(2) of the Hindu Succession Act will apply. This decision obviously turned upon the interpretation of the recitals in the will and is not applicable to the situation in the instant case. 12. In the result, we hold that the value of agricultural lands, viz., Rs. 1,75,035, is liable to levy of wealth-tax ... visualised under sub-section (2), the provisions of sub-section (1) have full sway. 5. In Vaddeboyina Tulasamma v. V. Sesha Reddy, AIR 1977 SC 1944, while considering the operation of section 14(1) and section 14(2) of the Hindu Succession Act, Bhagwati J., held as follows ... Act as a limited owner into an absolute estate. Section 14(1) of the Hindu Succession Act provides that the property possessed by a female Hindu shall be held by her as full owner. Sub-section (2) in the nature of an exception to sub-section (1 ...

Mar 24 1987

Trustees of H.E.H. The Nizam's Pilgrimage Money Trust Vs. Commissioner ...

  • Decided on : 24-Mar-1987

Court : Andhra Pradesh

Reported in : (1987)65CTR(AP)290; [1988]171ITR323(AP)

... 1. These two references one under the wealth-tax act and the other under the income-tax Act - arise on the same facts. R.C. No. 192 of 1980 is a reference under section 27(1) of the wealth-tax Act, 1957 ... section 5(1)(i) of the Wealth-tax Act, 1957, in respect of the corpus of the trust fund ?' R. C. No. 139 of 1980 is a reference under section 256(1) of the Income-tax Act, 1961, and the question refereed herein is : 'Whether, on the facts and in the circumstances of the case, the assessees income for the assessment year 1974-75 is not liable to be taxed ... section 27(1) of the wealth-tax Act, 1957 and the question referred is. 'Whether on the facts and in the circumstances of the case and on a proper construction of the scope and effect of the judgment of the Chief Judge of the City Civil Court, Hyderabad in the proceedings under section 34 of the Indian Trusts Act ... Act, the Tribunal is correct in holding that as on the relevant valuation dates corresponding to the assessment years 1974-75 and 1975-76 the corpus of the trust fund cannot be said to have been held in trust for charitable or religious purposes in India and the assessee trust, is therefore, not entitled to exemption under section 5(1)(i) of the Wealth-tax Act, 1957 ...

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