Wealth Tax leviable on ‘Land under Construction’: Kerala HC [Read Order]
The Kerala High Court in Commissioner of Wealth Tax v. SHRI.K.C Rajan, held that wealth tax is leviable on a land under construction as the same can be included in the definition of ‘asset’ for
Land & Building Method is the Appropriate Method of Valuation of Cinema Theatre for Wealth Tax Assessment: SC [Read Judgment]
Last week, the Supreme Court of India passed an order regarding which method to be applied for valuation of the ‘Alpana Cinema’ situated at Model town, New Delhi for wealth tax assessment. There, had been
Stubbed Diamond Jewellery found during  Search Proceedings need not to declared in Wealth Tax Return: ITAT deletes Addition [Read Order]
The  two member  bench  of Delhi Income Tax Appellate Tribunal (ITAT) ruled that stubbed diamond jewelry found during the search proceedings should not need to be declared in wealth tax return. Hence the bench deleted
Gold contained Horse Chariot, used by Royal Family for Special Occasions are Exempted from Wealth Tax: Gujarat HC [Read Judgment]
In Shantadevi P. Gaekwad v. W.T.O, the division bench of the Gujarat High Court held that the gold contained Horse Chariot or Royal Buggy used by the members of royal family for ceremonial occasions are exempted
Wealth Tax not leviable on Commercial Asset which is Capable of being put to Productive Use: ITAT [Read Order]
The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) in Wealth Tax Officer versus M/s. Chavva Estates Private held that commercial asset which is capable of productive use is not eligible to wealth tax. In
Penalty Notice issued without stating Reasons for Furnishing Inaccurate particulars, Concealment of Wealth is Invalid: ITAT [Read Order]
In T.S.Kalyana Chakravarthy v. Dy Director of Wealth Tax IT & TP, the. Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) recently held that the penalty notice can be issued under Wealth Tax Act
Bangalore Club not liable to pay wealth tax: Supreme Court elaborates of application of Section 21AA of Wealth Tax Act [Read Judgment]
The Supreme Court held that Bangalore Club is not liable to pay wealth tax under the Wealth Tax Act, 1957. The Appellant, Bangalore Club founded in 1868 by a group of British officers with the
ITAT Quashes Re-Assessment under Wealth Tax Act since Reasons for Assessment was not intimated to Assessee [Read Order]
Quashing re-assessment proceedings under section 17 of the Wealth Tax Act, Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that the same is not sustainable on the ground that the reasons for the
Value declared in Wealth Tax Return cannot be taken as Cost of Acquisition for Computing Capital Gain Income: Delhi HC [Read Judgment]
In a significant ruling, a division bench of the Delhi High Court upheld the order of the ITAT that the value of land as declared and assessed under Section 7(4) of the Wealth Tax Act
CBDT Circular prescribing Monetary Limit for Tax Appeals applies to Wealth Tax Matters [Read Circular]
The Central Board of Direct Taxes ( CBDT ) has clarified that the circular issued by the Board on July 2018 prescribing monetary limits for tax appeals would also apply to matters relating to Wealth
Mysuru’s Erstwhile Royal Family not exempt from Wealth Tax, says Karnataka HC [Read Judgment]
In a 113 page Judgment delivered by Karnataka High Court, has held that, The 28-acre land at the Palace Grounds, which is in the custody of Mysuru’s erstwhile royal family is not exempted from Wealth Tax.
Wealth Tax can’t be Levied on Sale Consideration of a Property already Computed as Long Term Capital Gain: ITAT [Read Order]
In Smt. Boda Sarada Reddy vs. Asst. Commissioner of Wealth Tax, the Hyderabad Bench of Income Tax Appellate Tribunal ( ITAT ) held that no wealth tax arises on the sale consideration of a property
Cash Balance generated out of Cash Sales is Business Assets which can’t be deemed as ‘Cash in Hand’ for Wealth Tax: ITAT [Read Order]
The Kolkata bench of ITAT has held that cash balance generated out of cash sales cannot be treated as ‘cash in hand’ within the meaning of section 2(ea) of the Wealth Tax Act since the
ITAT Quashes Wealth Tax Proceedings since Ownership of the Land was in Dispute [Read Order]
Hyderabad bench of Income Tax Appellate Tribunal (ITAT) recently held that wealth tax proceedings cannot be proceed against the assessee when the ownership of the land is in dispute. Assessee in the instant case is
Amount of Loan taken for Acquiring Asset Deductible from Value of Assets under Wealth Tax Act: ITAT [Read Order]
The Visakhapatnam bench of Income Tax Appellate Tribunal (ITAT) recently pronounced that amount of Loan taken for acquiring the Asset should be deducted from the Value of Assets under Wealth Tax Act. In the instant