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

Feb 18 1991

Smt. Vinita Devi Singhania Vs. Commissioner of Wealth-tax

  • Decided on : 18-Feb-1991

Court : Kolkata

Reported in : [1991]191ITR233(Cal)

... Section 7(1) of the Wealth-tax Act, 1957, is similar to Sub-section (1) of Section 36 of the Estate Duty Act, On account of the similarity in language, the value of an asset, other than cash, for the purpose of Section 7(1) of the Wealth-tax Act, should be the same as its value for purposes of Section 36(1) of the Estate Duty Act. Section 36(1) of the Estate Duty Act was based upon Section ... Section 7(1) of the Act is concerned, in view of its plain language, there is no escape from the conclusion that the expenses in effecting the sale of the asset in the open market cannot be deducted.' 17. The Supreme Court was of the view that the language of Section 7(1) of the Wealth-tax Act, 1957, is similar to Sub-section (1) of Section 36 of the Estate Duty Act ... tax. So far as the construction of Section 7(1) of the Act is concerned, in view of its plain language, there is no escape from the conclusion that the expenses in effecting the sale of the asset in the open market cannot be deducted.' 17. The Supreme Court was of the view that the language of Section 7(1) of the Wealth-tax Act, 1957, is similar to Sub-section (1 ... J.1. In this reference Under Section 27(1) of the Wealth-tax Act, 1957, a short but interesting question has been raised. The assessee has movable assets including shares in joint stock companies. For the assessment year 1977-78, she submitted her wealth-tax return in which she claimed deduction of appropriate amount of capital gains tax which would have attracted in case ...

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 ...

Dec 19 1983

Commissioner of Wealth-tax Vs. Maharaja Shri Devi Singhji of Jodhpur

  • Decided on : 19-Dec-1983

Court : Rajasthan

Reported in : [1985]155ITR333(Raj); 1983()WLN732

... Wealth-tax, Rajasthan, has referred the following two questions to this court under Section 27(1) of the W.T. Act, 1957 (hereinafter to be referred as 'the Act') :'1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee was not liable for penalties under Section 18(1)(a) of the Wealth-tax Act ... Section 18(1)(a) of the Wealth-tax Act for the assessment years 1958-59, 1959-60, 1960-61 and 1961-62 ? 2. Whether the Tribunal was right in law in holding that, even after the amendment of Section 18(1)(a) of the Wealth-tax Act by Act No. 46 of 1964, the question, whether the Wealth-tax Officer should obtain the previous approval of the Inspecting Assistant Commissioner of Wealth-tax ... Wealth-tax Act for the assessment years 1958-59, 1959-60, 1960-61 and 1961-62 ? 2. Whether the Tribunal was right in law in holding that, even after the amendment of Section 18(1)(a) of the Wealth-tax Act by Act No. 46 of 1964, the question, whether the Wealth-tax Officer should obtain the previous approval of the Inspecting Assistant Commissioner of Wealth-tax for levying a penalty under that section ...

Feb 13 1995

Commissioner of Wealth-tax Vs. Trustees of H.E.H. The Nizam's Wedding ...

  • Decided on : 13-Feb-1995

Court : Andhra Pradesh

Reported in : [1995]216ITR232(AP)

... tax Appellate Tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be assessed under section 21(1) of the Wealth-tax Act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1)(viii) of the Wealth-tax Act, 1957, by the Finance (No. 2) Act, ... section 21(1) of the Wealth-tax Act, 1957 ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be assessed under section 21(1) of the Wealth-tax Act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section ... 1) of the Wealth-tax Act, 1957 ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the right to wear the jewellery is not an asset so as to be assessed under section 21(1) of the Wealth-tax Act, 1957, in the hands of the trust representing the beneficiary, even after the retrospective amendment of section 5(1 ... 1. In all these six cases, the same questions of law arise. The Revenue filed applications under section 27(3) of the Wealth-tax Act, 1957, to refer the following questions for opinion : '1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessment orders of the Wealth-tax ...

Mar 16 1990

Jagat Singh Vs. Wealth-tax Officer

  • Decided on : 16-Mar-1990

Court : Delhi

Reported in : ILR1990Delhi547; [1990]185ITR242(Delhi)

... section 35B of the Wealth-tax Act, 1957, pertaining to their willfully not filing wealth-tax returns in due time for different assessment years. I will give the facts of one of such complaints as the facts are similar in other complaints. It has been mentioned in the complaint that the accused had failed to file his return of net wealth as required under section 14(1) of the Wealth-tax Act ... Wealth-tax Act, 1957, pertaining to their willfully not filing wealth-tax returns in due time for different assessment years. I will give the facts of one of such complaints as the facts are similar in other complaints. It has been mentioned in the complaint that the accused had failed to file his return of net wealth as required under section 14(1) of the Wealth-tax Act (for short 'the Act ... against Jai Singh, petitioner, in the other four criminal revision petitions, have been brought by the Wealth-tax Officer for their prosecution for offences punishable under section 35B of the Wealth-tax Act, 1957, pertaining to their willfully not filing wealth-tax returns in due time for different assessment years. I will give the facts of one of such ... section 139(1) of the Income-tax Act which is similarly worded as section 14(1) of the Act. Section 139(4) of the Income-tax Act almost corresponds to section 15 of the Wealth-tax Act, it was held in this judgment that the assessed becomes liable to pay penalty or return being not filed in time prescribed in section 139(1) of the Income-tax Act. 13 ...

Feb 20 1968

Commissioner of Wealth-tax, Bombay City II Vs. Vatsalabai Chandavarkar ...

  • Decided on : 20-Feb-1968

Court : Mumbai

Reported in : [1968]69ITR577(Bom)

... V.S. Desai, J. 1. This is a reference under section 27(1) of the Wealth-tax Act, 1957, arising out of the wealth-tax assessments of the assessee for the assessment years 1959-60 and 1960-61, for which the corresponding valuation dates were March 31, 1959, and March 31, 1960, respectively. 2. The ... reference under section 27(1) of the Wealth-tax Act, 1957, arising out of the wealth-tax assessments of the assessee for the assessment years 1959-60 and 1960-61, for which the corresponding valuation dates were March 31, 1959, and March 31, 1960, respectively. 2. The dispute involved in the reference relates to whether the right of the assessee to receive a certain payment of Rs. 1,500 ... circumstances, is exempt from the payment of wealth-tax under section 5(1)(vii) of the Wealth-tax Act. 3. The husband of the assessee, Sir Vithal Chandavarkar, was the managing director of Messrs. N. Sirur & Co., Private Ltd, for a number of years under agreements, which were renewed from time to time. The last agreement was of the 18th April, 1957, for a period of five years ... ) of the agreement fell within the terms of section 5(1)(vii) of the Wealth-tax Act. He, therefore, allowed the assessee's appeal for the two assessment years and directed the Wealth-tax Officer to exclude the life interest as it was exempt under section 5(1)(vii) of the Wealth-tax Act. Against the appellate decision the department appealed to the Income-tax Appellate Tribunal and raised two contentions before it ...

Apr 03 1972

Commissioner of Wealth-tax Vs. Shri Manilal C. Desai

  • Decided on : 03-Apr-1972

Court : Madhya Pradesh

Reported in : [1973]91ITR135(MP); 1972MPLJ703

... his wealth-tax returns for all the years in question from 1957-58 to 1961-62 and in all the years he claimed exemption for the amount standing in the name of his wife. The Wealth-tax Officer accepted this contention and did not include this amount in the wealth of the assessee. Later on, however, he gave a notice under Section 17 of the Wealth-tax Act for reopening ... of opinion that the property should be exempted and later on he felt that he should not have exempted it. Such a case cannot be covered even by Section 17(1)(b) of the Wealth-tax Act. 4. We, therefore, think that the Tribunal was right in allowing the appeal and setting aside the reassessment. 5. With regard to the third question we need only ... of Wealth-tax the following three questions have been referred to this court: ' (i) Whether the Tribunal was justified in law to come to the conclusion that no action under Section 17(1)(a) of the Wealth-tax Act could be taken against the assessee in this case ? (ii) Whether the Tribunal was in law justified in holding that the assessment under Section 17(1)(b) of the Wealth-tax Act would ... two questions is as follows: (i) The Tribunal was justified in law to come to the conclusion thatno action under Section 17(1)(a) of the Wealth-tax Act could be takenagainst the assessee in this case. (ii) The Tribunal was in law justified in holding that the assessment under Section 17(1)(b) of the Wealth-tax Act would also be not competent, on the facts of this case.

Mar 28 1995

Commissioner of Wealth-tax, Orissa, Bhubaneswar Vs. Smt. Binapani Chak ...

  • Decided on : 28-Mar-1995

Court : Supreme Court of India

Reported in : AIR1995SC1380; (1995)125CTR(SC)119; [1995]214ITR721(SC); JT1995(3)SC506; 1995(2)SCALE496; 1995Supp(2)SCC262

... Section 5(1)(viii) of the Wealth Tax Act, 1957 as in force during the relevant period. Section 5 of the Wealth Tax Act, 1957 deals with exemptions from wealth tax granted in respect of certain assets. Section 5(1)(viii), prior to its amendment by the Finance Act 2 of 1971, was as follows:-5(1): Subject to the provisions of Sub-section (1A) wealth-tax ... 1. These appeals by special leave arise from a common judgment of the High Court of Orissa in seven Reference Applications before it under Section 27(1) of the Wealth Tax Act, 1957. The High Court was required to consider the following question:-Whether the word 'jewellery' in Section 5(1)(viii) of the Wealth-Tax Act, 1957 prior to the amendment of the section and the introduction of the Explanation by the Finance Act ... Wealth Tax Act, 1957 deals with exemptions from wealth tax granted in respect of certain assets. Section 5(1)(viii), prior to its amendment by the Finance Act 2 of 1971, was as follows:-5(1): Subject to the provisions of Sub-section (1A) wealth-tax shall not be payable by an assessee in respect of the following assets, and such assets shall not be included in the net wealth of the assessee -(1 ...

Feb 23 1996

Dr. V.P. Gopinathan Vs. Commissioner of Wealth-tax

  • Decided on : 23-Feb-1996

Court : Kerala

Reported in : [1996]221ITR401(Ker)

... 1) of the Wealth-tax Act, 1957, which we are required to consider on interpretation, illustratively even the Income-tax Act (Section 10) considers items of income not to be included in the computation of the income with regard to the assessment year. Even reference to the State taxation laws, illustratively Section 101 of the Kerala Municipalities Act, Section 72 of the Panchayats Act as well as Section 3 of the Kerala Building Tax Act ... into India, is not exempt from wealth-tax under Section 5(1)(xxxiii) of the Wealth-tax Act, 1957, for the assessment years 1979-80, 1980-81 and 1981-82 ?'2. The question is a pure question of interpretation of the statutory provision of Section 5(1)(xxxiii) of the Wealth-tax Act, 1957.3. Even then inevitably the factual ... Section 5(1) of the Wealth-tax Act, 1957, which we are required to consider on interpretation, illustratively even the Income-tax Act (Section 10) considers items of income not to be included in the computation of the income with regard to the assessment year. Even reference to the State taxation laws, illustratively Section 101 of the Kerala Municipalities Act, Section 72 of the Panchayats Act as well as Section ... 1, 1977, Clause (xxxiii) of Section 5(1) of the Wealth-tax Act, 1957, is on the statute. The Tribunal also considered Circular No. 411 dated February 25, 1985 (reported in [1985] 152 ITR 227), all with reference to the contention that on a true and correct interpretation and language of Section 5(1)(xxxiii) of the Act ...

Sep 23 2003

CIT Vs. Jai Kishan Gupta

  • Decided on : 23-Sep-2003

Court : Allahabad

Reported in : [2003]264ITR482(All)

... 2. This is a wealth-tax reference under section 27(1) of the Wealth Tax Act, 1957, in which the following question has been referred to us for our opinion :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee is entitled to exemption under section 5(1)(iv) of the Wealth Tax Act in respect of cinema ... Wealth Tax Act. Section 5(1)(iv) at the relevant time stated that the following asset shall not be included in the net wealth of the assessee :'One house or part of a house belonging to the assessee.'The word 'house' has not been defined in the Wealth Tax Act, nor in the General Clauses Act. However, the word 'building' has been used in section 5(1)(iii) of the Wealth Tax Act, and in section ... in the net wealth of the assessee :'One house or part of a house belonging to the assessee.'The word 'house' has not been defined in the Wealth Tax Act, nor in the General Clauses Act. However, the word 'building' has been used in section 5(1)(iii) of the Wealth Tax Act, and in section 5(1)(i) the word 'property' has been used.Thus the Wealth Tax Act has used ... section 5(1)(iv) of the Wealth Tax Act. Section 5(1)(iv) at the relevant time stated that the following asset shall not be included in the net wealth of the assessee :'One house or part of a house belonging to the assessee.'The word 'house' has not been defined in the Wealth Tax Act, nor in the General Clauses Act. However, the word 'building' has been used in section 5(1 ...

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