Court : Supreme Court of India
Reported in : AIR1971SC2458; 82ITR142(SC); (1971)3SCC583; 1SCR104; 1971(III)LC756(SC)
..... . the facts and circumstances which have been discussed above show that the wealth tax officer was fully justified in accepting the figure which the assessee himself had given in the balance sheet as the correct figure and proceed to ..... in this situation the only possible conclusion can be that the assessee could not advance any convincing and acceptable reasons for the alleged inflation. the wealth tax officer could reject the figure given by the assessee in the balance sheet if he was, for sufficient reasons, satisfied that that figure was wrong ..... as given in the balance sheet as may be necessary in the circumstances of the case. (see kesoram industries and cotton mills ltd. v. commissioner of wealth tax (central) calcutta : 59itr767(sc) .5. in the present case the sole reason which at the stage of the appeal before the tribunal ..... to satisfy the authorities that the said figure had been enhanced or increased or inflated 'for acceptable reasons'. it was equally open to the wealth tax officer not to accept the figure given by the assessee but to arrive at another figure if he was satisfied for good reasons that the ..... assets was enhanced in 1948-49 should be deducted in the computation of the net value. it is not clear from the order of the wealth tax officer, who rejected the claim, as to what was the ground taken for claiming this deduction. before the appellate assistant commissioner it was contended .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1971SC915; (1970)GLR974; 77ITR505(SC); (1970)1SCC561; 3SCR819
..... assessee. that provision deals with jewellery in general. the two provisions deal with different classes of jewellery. that is made further clear by section 5(1)(xiii) which says that wealth tax shall not be payable by assessee in respect of any drawings, paintings, photographs, prints and other heirloom not falling within clause (xii) and not intended for sale but not including ..... that the jewellery in question are articles intended for the personal use of the assessee. as mentioned earlier those jewels were valued at rs. 80,000/-; out of that amount wealth tax officer deducted rs. 25,000/- under section 5(1)(xv). the assessee claims that in view of section 5(1)(viii), the value of those jewels cannot be included in ..... the payments that she is entitled to receive under those deeds are annuities. she has undoubtedly a life interest in those funds. in ahmed g.h. ariff v. commissioner of wealth tax, calcutta, : 59itr230(cal) , a division bench of the calcutta high court held that the right of a person to receive under a wakf an aliquot share of the net ..... stood at the relevant time.5. against that order the assessee went up in appeal t(c) the assistant appellate commissioner. that officer agreed with the conclusions reached by the wealth tax officer and he accordingly dismissed the appeal of the assessee. thereafter the assessee appealed to the tribunal. the. tribunal held that the payments to be made to the assessee under .....Tag this Judgment!
Court : Mumbai
Reported in : (2008)110BOMLR1128; (2008)216CTR(Bom)217
..... the matter on a reading of the provisions is that the report can be called for only when there are proceedings pending before the wealth tax officer. there is nothing in the wealth tax act or rules which provides that the wealth tax officer can call for a report from the dvo after the order of assessment is completed. that jurisdiction is conferred when he is ..... learned division bench held that the proceedings initiated were manifestly vitiated on account of procedural impropriety.the full bench of kerala high court was considering the issue in commissioner of wealth tax v. v. cleetus 213 itr 14. in that case report was called for during the pendnecy of the proceedings. but the report was obtained after completion of assessment. based ..... ) nor provide a reason for the belief that income had escaped assessment due to the assessee's failure to disclose material facts under section 17(1)(a).in commissioner of wealth tax v. ravi cheloor : 178itr640(ker) , the issue came up for 640, consideration before the learned division bench of kerala high court. considering the provisions the learned division bench ..... 17, could have been issued for reopening the assessments already completed?.before answering these issues, it would be necessary to refer to the relevant provisions of section 16a of the wealth tax act.section 16a. reference to valuation officer-(1) for the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming .....Tag this Judgment!
Court : Gujarat
Reported in : 73ITR206(Guj)
..... our judgment, mr. kaji had relied upon section 2(e)(v) of the act and also the decision of the madras high court in commissioner of wealth-tax v. srimathi martinammal machado, and it is in the context of section 2(e)(v) that this latest decision of the supreme court requires consideration. 28 ..... but before it was signed by us, mr. kaji, on behalf of the assessees, drew out attention to a judgment of the supreme court in commissioner of wealth-tax v. smt. muthukrishna ammal, in civil appeal no. 1922 of 1967, delivered by the supreme court on september 6, 1968, and asked us to reconsider ..... or part, is being held by trustees on behalf of or for the benefit of the particular assessee. under these circumstances, section 21(2) of the wealth-tax act cannot come into operation and, in our opinion, the tribunal was in error when it held that the provision of section 21(2) can be ..... the trust corpus on the relevant valuation dated ?' 5. the same two questions have also been referred at the instance of the assessee so far as the wealth-tax assessment regarding the sister, lalita raje, was concerned. 6. it is necessary to set out the material clause so the trust deed. as we have already ..... brothers, the appellate assistant commissioner took the view that the proper course in their case was to apply the provisions of section 21(4) and levy wealth-tax upon the trustees and recover the same from the trustees as if the persons on whose behalf the assets were held were individuals for the purposes of .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1985SC924; (1985)45CTR(SC)220; 152ITR447(SC); 1985(1)SCALE446; (1985)2SCC343; 3SCR297; 1985(17)LC737(SC)
..... question set forth earlier.4. while dealing with the question whether the provisions of section 2(m)(iii)(a) of the wealth tax act barred the deduction of the wealth tax liabilities claimed by the assessee the high court held that as the liabilities were not outstanding on the respective valuation dates section ..... valuation dates, and therefore the further requirement, according to him, of the statute was not satisfied.6. section 2(m) of the wealth tax act provides :(m) 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, ..... but all the special leave petitions, except special leave petitions (civil) ncs. 505 and 506 of 1973, arising out of wealth tax reference no. 20 of 1970, were dismissed on the merits, and in respect of these two special leave petitions the grant of special leave was ..... that reference, and that this reference along with several other references were disposed of together by the gujarat high court by its judgment in commissioner of wealth tax v. kantilal manilal , 88 i.t.r. 124. against that judgment corresponding special leave petitions were filed by the revenue in this court, ..... . in the appeal for the assessment year 1961-62 in contended inter alia, that the assessee was not entitled to a deduction of the wealth tax liability of rs. 22,679 in respect of the assessment year 1960-61 because he had disputed the said liability in appeal and, therefore, .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR1999SC3352; (1999)156CTR(SC)553; 240ITR409(SC); JT1999(8)SC155; 1999(6)SCALE494; (1999)8SCC243; Supp3SCR580
..... discussion, we agree with the findings given by the high court that in the case of appellant trust beneficial interest is to be assessed to wealth tax in the hands of the trustee under section 21(4) of the act. however, the direction given by the high court that 'trustee ..... ) of section 21 must, therefore, be that even where the beneficiaries of the remainder are indeterminate or unknown, the trustee can be assessed to wealth-tax in respect of the totality of the beneficial interest in the remainder, treating the beneficiaries fictionally as an individual.13. in view of the aforesaid ..... this section, where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager or other person aforesaid, as the case ..... under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the court of wards, administrator-general, official trustee, receiver, manager or trustee, as the case may be ..... . pradesh in referred case nos. 37-40 of 1983 in reference made to the high court under section 27 of the wealth tax act, 1957. the income-tax appellate tribunal referred the following question for decision in all the four cases:whether on the facts and in the circumstances of the .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 1996IVAD(SC)30; 222ITR189(SC); JT1996(4)SC62; 1996(3)SCALE313; (1996)8SCC122; 3SCR1150
..... assessee. taking this debt into consideration, it was held that the assessee was not liable to tax under the wealth tax act. but, when the judgment of the high court dated march 25, 1961 came to the knowledge of the department that the decree-holders could ..... securities.13. in the case of kesorain industries and cotton mills ltd. (supra), it was held that 'debt owed' under section 2(m) of the wealth tax act could be defined as the liability to pay in praesenti or in future an ascertainable sum of money. debitum in praesenti solvendum in future. in that ..... purpose. for this proposition, reliance was placed upon the judgment of this court in the case of kesoram industries and cotton mills ltd. v. commissioner of wealth tax (central), calcutta (1969) 59 itr 767. it was further argued that a decree could not be passed against a dead person. the decree in question ..... and 1961-62 were pending. in the wealth tax assessments proceeding upto the assessment year 1959-60, the decretal amount of rs. 30,00,000 an odd had been treated as 'debt owed' by the ..... special judge by an order passed on march 25, 1961.4. while all these proceedings were going on under the u.p. encumbered estates act, wealth tax assessment of the assessee was completed for the assessment years 1957-58, 1958-59, 1959-60. however, the proceedings for the assessment years 1960-61 .....Tag this Judgment!
Court : Gujarat
Reported in : AIR1967Guj12
..... section 7(2)(a). the contingent liability would have to be estimated and the estimated value of the contingent liability would be permissible deduction in computing the net wealth of the assessee. the wealth tax officer and the appellate assistant commissioner overlooked the aspect of the question and did not therefore have any occasion to examine whether the estimate of the liability for ..... the assessee on the valuation date since the gratuity was not payable on the valuation date but was payable only on fulfillment of contingencies set out in those agreements. the wealth tax officer and the appellate assistant commissioner were, therefore, certainly right in taking the view that the amount claimed by the assessee did not constitute a debt owning by the ..... shown in the balance sheet of the assessee was not necessarily liable to be adjusted with reference to the written down value of those assets as per the income tax records but the wealth tax officer had power to make such adjustment if it was shown by the assessee that circumstances existed which required the making of such adjustment. we, however, do ..... other two questions are concerned, the answers to them are concluded by two decisions given by this court, one in commissioner of wealth tax v. raipur . : 52itr482(guj) , and the other in wealth tax ref. no. 3 of 1961, commissioner of wealth tax v. ajit mills, the latter being an unreported decision given on 18th october, 1962 (guj). however, in order to understand how .....Tag this Judgment!
Court : Gujarat
Reported in : (2007)212CTR(Guj)285
..... finance act, 1983?2. the facts stated are that the factory and research buildings were under the process of construction during the year under consideration. the assessee claimed exemption from wealth tax on the buildings under construction as per clause (vi) of sub-section (3) of section 40 of the finance act, 1983. the assessing officer took the view that buildings under ..... ) and (vib), and the land appurtenant to such building or part'.5. in the memorandum explaining the provisions in finance bill, 1988, it was stated that, under the existing provisions, wealth-tax was levied even in cases where the assets specified in the section were held as 'stock-in-trade' or were used for industrial purposes. with a view to remove the ..... incentive for growth and modernization, it was proposed to amend the section to provide that the following assets, inter alia, shall not form part of the net wealth for the purposes of levy of wealth tax.(i) ...(ii) land other than agricultural land proposed to be utilized for industrial purposes, for a period of two years from the date of its acquisition;(iii ..... would arise, according to the submission.6.1 the learned senior advocate mr. soparkar also cited the judgment of a division bench of the delhi high court in commissioner of wealth tax v. prem nath motors pvt. ltd. : 238itr414(delhi) wherein investment by the assessee in an incomplete and unfinished factory building was sought to be included in the .....Tag this Judgment!
Court : Guwahati
..... not address itself in that regard without going into the definite finding. before taking final action like imposition of penalty it is the duty of the wealth-tax officer to see or to scrutinise whether the valuation given by the assessee is correct or not. no endeavour was made by the tribunal in this ..... the entirety of the facts and circumstances of the case, we find no material or justification to interfere with the order passed by the commissioner of wealth-tax (appeals) in respect of these two cases.' 6. in our opinion, the tribunal is not required to say whether the valuation given by the ..... the entirety of the facts and circumstances of the case, we find no material or justification to interfere with the order passed by the commissioner of wealth-tax (appeals) in respect of these two cases.' 5. there is no quarrel regarding the proposition of law that in case the assessment of the ..... of assets as disclosed by him was correct.' 'this fact has not been proved by the appellant at any stage.' 4. thereafter, the commissioner of wealth-tax (appeals) quoted the written submission and then came to the conclusion that in view of explanation 4 to section 18(1)(c), penalty has been correctly ..... 1. whether, on the facts and in the circumstances of the case, the assessee had automatically become liable to penalty under section 18(1)(c) of the wealth-tax act, 1957 ('the act') (mens rea being taken for granted) by virtue of the provisions of explanation 4 to that section, because in the view of .....Tag this Judgment!