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Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 1 Page 8 of about 845,305 results (3.020 seconds)

Nov 10 2004 (HC)

Commissioner of Wealth Tax Vs. Sharadpat Singhania

Court : Allahabad

Reported in : [2005]277ITR472(All)

..... tribunal, allahabad, has referred the following question of law under section 27(1) of the wealth-tax act, 1957, hereinafter referred to as 'the act', for opinion to this court :'whether, in law and on facts of the case the tribunal was justified in dismissing the department's appeals and in holding that while determining ..... -75. the respondent had some equity shares of m/s. m. p. sugar mills ltd. while computing the value of such shares in accordance with rule 1d of the wealth-tax rules, the wealth-tax officer did not allow the deduction on account of deferred cane price, which was the liability of the company on the ground that the said liability was not shown ..... of the respondent which has been affirmed by the tribunal.3. we have heard sri dhananjay awasthi, learned standing counsel appearing for the revenue.4. under rule 1d of the wealth-tax rules, which relates to the determination of value of unquoted equity shares, only such liabilities as are specifically mentioned in the rule have to be deducted. rule 1d provides that ..... shown in the balance-sheet while determining the value of unquoted equity shares under rule 1d of the rules. accordingly, we answer the question referred to us in the negative, i.e. in favour of the revenue and against the assessee. however, there shall be no order as to costs.

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Jul 22 1985 (HC)

Commissioner of Wealth-tax Vs. Meghaji Girdharilal

Court : Madhya Pradesh

Reported in : [1989]177ITR297(MP)

..... . the commissioner of wealth-tax (appeals) held that the extended meaning of the term 'jewellery' would be applicable only with effect from the assessment year 1972-73 and onwards for the ..... the circumstances of the case, the tribunal was justified in holding that the extended meaning of the term 'jewellery' in view of explanation 1 to section 5(1)(viii) of the wealth-tax act, 1957, would be applicable only with effect from 1-4-72, i.e., for the assessment year 1972-73 and onwards ?' 2. it may be noted at the outset that the tribunal has made this ..... , that is 1963-64 to 1965-66 were concerned, the question before him was whether gold and silver ornaments were covered by the term 'jewellery' as used in section 5(1)(viii) of the wealth-tax act, 1957 ..... the assessee. the assessee took up the matter in appeal and the commissioner of wealth-tax (appeals) held that gold and silver ornaments intended for the personal or household use within the meaning of section 5(1)(viii) of the wealth-tax act could not be included in her net wealth for the assessment years 1957-58 to 1962-63. so far as the later years, now in dispute .....

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Mar 25 1996 (HC)

Balchand Malaiya (Huf) Vs. Commissioner of Wealth-tax

Court : Madhya Pradesh

Reported in : [1997]227ITR651(MP); 1997(1)MPLJ368

..... tribunal, jabalpur bench, jabalpur, has, at the instance of the applicant-assessee, referred the following question of law under section 27(1) of the wealth-tax act, 1957, for the opinion of this court : ' whether, on the facts-and in the circumstances of the case, the tribunal was justified in holding that the gift of almost the entire ..... respective members of the hindu undivided family by partial partition. this stand was also rejected and the claim for exclusion of the gift from the total wealth of the hindu undivided family was rejected by the wealth-tax officer. the appeal to the appellate assistant commissioner and then to the tribunal failed and hence, on the application of the assessee, the said question ..... property of a hindu undivided family. under the circumstances, the facts are clearly distinguishable. likewise reference has been made by learned counsel to the decision of the supreme court in cit v. jayantilal prem chand shah : [1995]211itr111(sc) , in which their lordships held that once it was established that the minors were not benamidars of their hindu undivided family, they ..... that is for the purpose of preventing a joint hindu family from being disintegrated. 7. learned counsel appearing for the assessee has referred to the decision of this court in cit v. v.c. gupta [1994] 208 itr 476 to contend that even in such a situation, the gift is merely voidable and not void. the said case was a case .....

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Feb 16 1996 (HC)

Commissioner of Wealth-tax Vs. Janakraj Soni

Court : Madhya Pradesh

Reported in : [1996]222ITR316(MP)

..... on the applications nos. 9 to 12/ (ind) of 1990 under section 27(1) of the wealth-tax act, 1957 (for short, 'the act') :'(1) whether, on the facts and in the circumstances of the case, the tribunal was justified in setting aside the commissioner of wealth-tax order under section 25(2) and restoring that of the wealth-tax officer when the valuation of shares held by the assessee in metalman ..... pipe mfg. co. ltd. should have been made by applying mandatory provisions of rule 1d of the wealth-tax rules, 1957 ..... , for the assessment years 1983-84 to 1986-87 ? (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that action under section 25(2) of the wealth-tax act did not lie when two opinions were possible in the matter and ..... the wealth-tax officer preferred the opinion which is prejudicial to the interests of .....

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Jan 11 1996 (HC)

Commissioner of Wealth-tax Vs. Meghji Girdharilal

Court : Madhya Pradesh

Reported in : [1996]220ITR357(MP)

..... proposed is a question of law and is required to be referred by the tribunal. according to shri vyas, the tribunal was not justified in holding that section 5(1)(viii) of the wealth-tax act, 1957, would be applicable to the assessee's case for the assessment years 1966-67 to 1970-71.6. shri goyal, on the other hand, submitted that ..... 65/(ind) of 1987 and 64/(ind) of 1987. the tribunal dismissed all these appeals by common order dated august 24, 1988. thereafter the applicant filed applications under section 27(1) of the wealth-tax act, 1957, and sought statement of the case and reference of the proposed question. the reference applications, registered as r. a. nos. 76 to 80/(ind) of 1988 arising ..... , birsubai, laxmibai and chandrabai, and as such they were intended for personal or household use within the meaning of section 5(1)(viii) of the wealth-tax act, 1957. he, therefore, deleted this property from the wealth of the assessee. against this appellate order, the wealth-tax officer filed appeals for the assessment years 1966-67, 1967-68, 1968-69, 1969-70 and 1970-71, registered ..... connected five reference applications, presented by the commissioner of wealth-tax, bhopal, under section 27(3) of the wealth-tax act, 1957, raise a common question of law as extracted below :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that section 5(1)(viii) of the wealth-tax act, 1957, would be applicable to the assessee's case for .....

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Feb 20 1998 (HC)

A.H. Dalmia Vs. Commissioner of Wealth-tax, New Delhi

Court : Delhi

Reported in : 1998IIAD(Delhi)295; 1998(45)DRJ24; [1998]232ITR921(Delhi)

..... its consolidated order have been referred by the income-tax appellate tribunal under section 27(1) of the wealth tax act, 1957 (for short the act) for the opinion of this court:1. 'whether on the facts and in the circumstances of the case, the income-tax appellate tribunal erred in holding that the amounts of refund of income-tax and other direct taxes for various asset. years prior to the asset ..... the meaning of section 2(e)/2(ii) of the w.t. act, 1957?'2. all the references relate to the assessment year 1981-82 corresponding to the valuation date 31 march 1981. the first question involved is as to whether the amounts paid by the assesses as additional demands on completion of assessment under the income-tax act, 1961, wealth-tax act and the gift-tax act and a ..... aforesaid judgment it cannot be disputed that the liability to pay the amount demanded vide notice under section 156 of the income-tax act, being an actual accrued liability ..... held that the amount of the provision for payment of income-tax and super-tax in respect of the year of account ending 31 march 1957 was a 'debt owed' within the meaning of section 2(m) on the valuation date, i.e., 31 march 1957 and was as such deductible in computing the net wealth.12. in the light of the principle laid down in the .....

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Jul 20 1964 (HC)

Commissioner of Wealth Tax, Kerala, Ernakulam Vs. Travancore Cements L ...

Court : Kerala

Reported in : AIR1965Ker183; [1964]54ITR583(Ker)

..... to the white cement plant? 'the relevant portion of sub-section (1) of section 5 of the wealth-tax act, 1957, reads as follows;'wealth-tax shall not be payable by an assesses in respect of the following assets, and such assets shall not ..... be included in the net wealth of the assessee-- (xxi) that portion of the net wealth of a company established with the object of carrying on an ..... bench, under section 27(1) of the wealth-tax act, 1957. the assessee is the travancore cements limited, kottayam. the assessment year with which we are concerned la 1959-60; and the valuation date, 31-12-1958. 2. the question referred is:'whether on the facts and circumstances of the case, the assessee company was entitled to exemption from wealth-tax under section 5(1)(xxi) of the wealth-tax act in regard .....

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Aug 06 1996 (HC)

N.J. Mathew (Late) and anr. Vs. Commissioner of Wealth-tax

Court : Kerala

Reported in : [1998]231ITR37(Ker)

..... a managing agency company) is perfectly valid and effective. it is neither inconsistent with section 7(1) of the wealth-tax act, 1957, nor does it travel beyond the purview of section 7(1) of the act. the value of an asset is the price which, in the opinion of the wealth-tax officer, it would fetch if sold in the open market on the valuation date and ..... decision of the apex court in bharat hari singhania v. cwt : [1994]207itr1(sc) .4. the income-tax authorities--the first appellate authority--took up the question for consideration of reopening of the assessment under section 17(1)(a) of the wealth-tax act, 1957. the assessee--n. j. mathew--represents an affluent family of alleppey with substantial agricultural income and non-agricultural assets. ..... in the process he gets concerned with a large number of shares in several companies, amongst them, illustratively, are the following companies :1. neroth oil co. pvt. ltd. ..... found that this was an error obvious because it was quite contrary to the statutory provisions of rule 1d of the wealth-tax rules, 1957.8. the assessments were reopened under section 17(1)(a) of the wealth-tax act on the basis of reason to beleive that by reason of theomission or failure on the part of any person to disclose fully and .....

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Aug 09 1988 (HC)

Commissioner of Wealth-tax Vs. Rajendra Kumar

Court : Rajasthan

Reported in : [1989]176ITR154(Raj)

..... a reference under section 27(1) of the wealth-tax act, 1957, at the instance of the commissioner of wealth-tax, to answer the following question of law, namely :'whether, on the facts and in the circumstances of the case, thetribunal was justified in law in holding that, the value of various items ofdrawings, paintings, manuscripts, etc., would be 'exempt under section5(1)(xii) of the wealth-tax act, 1957, in the case ..... is answered against the commissioner and in favour of the assessee by holding that the tribunal was justified in taking the view that the value of paintings was exempt from wealth-tax under section 6(1)(xii) of the wealth-tax act, 1957. no costs. ..... 1964-65 and 1965-66. the decision therein is cwt v. moti chand khajanchi .3. the tribunal's view that the value of paintings was exempt from wealth-tax under section 5(1)(xii) of the wealth-tax act was upheld as justified in that decision. that decision has to be followed in the present ease also relating to the same assessee in respect of some other ..... of the assessee, ignoringthe fact that in the accounting periods relevant to the income-tax assessment years 1964-65 and 1965-66, the assessee had, in fact, sold somepaintings, etc., and the further fact that .....

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Oct 14 1993 (HC)

Commissioner of Wealth-tax Vs. Man Bahadur Singh

Court : Rajasthan

Reported in : (1994)116CTR(Raj)47; 1993WLN(UC)258

..... tribunal, jaipur bench, jaipur, has referred the following questions of law arising out of its order in respect of the assessment years 1971-72 to 1975-76 under section 27(1) of the wealth-tax act, 1957 :'(1) whether, on the facts and in the circumstances of the case, the tribunal was justified in setting aside the order of the lower authorities and restoring the matter regarding ..... the coming into force of the said rule, that alone is to be adopted and it only excludes the discretion of the wealth-tax officer in estimating the value on an asset. beside this, the provisions of section 7(1) of the wealth-tax act mention that the valueis to be estimated 'subject to any rules made in this behalf, this provision makes it clear that the ..... right of appeal is not to be regarded as affecting mere matters of procedure.20. under the scheme of the wealth-tax act, a power is conferred on the wealth-tax officer to determine the fair market value of the asset under section 7(1) of the act which he has to determine on the basis of the price prevailing in the market on the valuation date. for ..... valuation of self-occupied property to the wealth-tax officer with the direction to reframe the assessment in accordance with law and as per the decision of the special bench of the income-tax .....

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