Skip to content


Judgment Search Results Home > Cases Phrase: wealth tax act 1957 section 1 Page 8 of about 825,747 results (1.760 seconds)

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

Nov 10 1997 (HC)

Commissioner of Wealth-tax Vs. K. Sitalakshmi (Minor)

Court : Chennai

Reported in : [2000]241ITR500(Mad)

..... tribunal, madras bench 'd', has stated a case and referred the following question of law for the assessment year 1979-80 under section 27(1) of the wealth-tax act, 1957, for our consideration : '1. whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the capital of the baby sitalakshmi trust should not ..... be included in the net wealth of the assessee minor ?' 2. the assessee is an individual and she is the beneficiary of a trust known as ..... her hands. 6. we are of the opinion that the decision of this court cited supra would equally apply to this case under the wealth-tax act, as the interest of the assessee in the trust is only a contingent interest. following the said decision of this court cited supra we answer the question of law referred ..... trust cannot be treated as the income of the assessee, and the amount standing to the credit of the trust, cannot be treated as part of the net wealth of the assessee. the wealth-tax officer, however, held that only the enjoyment was postponed, but there was a vested interest in favour of the assessee. therefore, he included the capital of baby sitalakshmi .....

Tag this Judgment!

Feb 05 1997 (HC)

Commissioner of Wealth-tax Vs. K. Vivekananthan

Court : Chennai

Reported in : [1999]235ITR300(Mad)

..... 'business premises' within the meaning of rule 1(i), para. b, part 1 of the schedule to the wealth-tax act, 1957, and, consequently, no additional wealth-tax should be levied for the assessment years 1973-74 to 1976-77 ?' 2. the assessee is an individual. the wealth-tax officer, after making the assessment, passed a rectification order under section 35 of the act for the assessment years 1973-74 to 1976 ..... -77 to levy additional wealth-tax on the agricultural lands ..... common question of law has been referred by the tribunal, for our opinion, under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act'), for the assessment years 1973-74 to 1976-77, which runs as under : 'whether, on the facts and in the circumstances of the case, the tribunal was right in ..... we have carefully considered the rival arguments advanced on behalf of the revenue as well as the assessee. the expression, 'business premises' is defined in rule 1(i), para b, part i of the schedule to the wealth-tax act, 1957, which runs as under : ''business premises' means any building or land or part of such building or land, or any right in building or land .....

Tag this Judgment!

May 04 1973 (HC)

Commissioner of Wealth-tax Vs. Ranganayaki Gopalan and ors.

Court : Chennai

Reported in : [1973]92ITR529(Mad)

..... after taking into account the sum of rs. 19,11,620. at the instance of the commissioner of wealth-tax, identical questions have been referred to us under section 27(1) of the wealth-tax act, 1957 (hereinafter called 'the act'). the question reads as follows:'whether, on the facts and in the circumstances of the case, the sum ..... the liability is certain and what remains is only a quantification of the amount. in short, a debt owed within the meaning of section 2(m) of the wealth-tax act can be defined as a liability to pay in praesenti or in futuro an ascertainable sum of money.'9. in the present case ..... debitwn in praesenti, solvendum in futuro'. this passage was quoted with approval by the supreme court in standard mills co. ltd. v. commissioner of wealth-tax and the court further observed :'the said decisions also accept the legal position that a liability depending upon a contingency is not a debt in ..... , there was no actual liability and whatever liability was there was only of a contingent nature. the appellate assistant commissioner confirmed this order of the wealth-tax officer. on a further appeal, the tribunal was of the view that a real liability existed in the sum of rs. 19,50,000, ..... 67 held 3,306 shares of the face value of rs, 100 each in the company. for the assessment year 1962-63, these respondents submitted their wealth-tax returns, the valuation date being march 31, 1962. for the purpose of the valuation of the shares held by these respondent-assessees, the balance-sheet .....

Tag this Judgment!

Jan 28 1998 (HC)

T. Raghuraman Vs. Commissioner of Wealth-tax

Court : Chennai

Reported in : [2000]243ITR185(Mad)

..... instance of the assessee and another is at the instance of the department.2. at the instance of the assessee, the tribunal has referred the following question of law under section 27(1) of the wealth-tax act, 1957, for our consideration :'whether, on the facts and in the circumstances of the case, the entire coffee and tea bushes fall within the expression 'growing crops' in ..... , apart from the two leaves and a bud of the tea bush and theberries of the coffee bush, do not fall within the expression 'growingcrops' for exemption under section 5(l)(viiia) of the wealth-tax act, 1957.following the decisions of this court in m. rangaswamy's case : [1996]221itr39(mad) as well as r. m. perianna pillai's case : [1996]221itr122(mad) , ..... the net wealth of a firm under rule 2 of the wealth-tax rules, assets exempt under section 5 should be excluded or whether such assets also should be included therein and ..... section 5(l)(viiia) of the act ?'3. at the instance of the department, the following question of law has been referred by the tribunal under section 27(1) of the wealth-tax act, 1957, for our consideration :'whether, on the facts and in the circumstances of the case in computing .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //