Law:

Section:

Section 4(8)-of Wealth-tax Act - Deemed Wealth  Substituted provision of sub-section (8) of section 4 came into force on 1-4-1997 and is not retrospective; it could not be invoked for assessment year 1993-94, 1994-95 to hold that property would include even vacant land The substituted provision of sub-section (8) of section 4 has come into force with effect from 1-4-1997. When the Legislature itself says that the substituted provision would come into effect from a particular date, it would not have retrospective effect. Therefore, for the assessment years 1993-94 & 1994-95 the Tribunal would not be justified in invoking the substituted provision of sub-section (8) of section 4 to come to a conclusion that the property would include even the vacant land. Apart from this, the amended provision would speak of only 'any building'. That only means, it speaks of building and the land appurtenant to the building and it cannot be applied to the vacant land. In view of the language employed by the Legislature to include a building for the purpose of sub-section (8) of section 4, the vacant land cannot be included in the said provision. Further, in view of the law declared by the Apex Court in the case of CWT v. Bishwanath Chatterjee [1976] 103 ITR 536 andNawab Sir Mir Osman Ali Khan (Late) v. CWT [1986] 162 ITR 888 (SC), vacant land could not be included in the net wealth of the assessee for the purpose of computation of the wealth as on the valuation date. Ashok A. Kulkarni and K. R. Prasad for the Appellant. M. V. Seshachala for the Respondent. JUDGMENT H.L. Dattu, J. - These appeals arise under the provisions of the Wealth-tax Act, 1957 (hereinafter for the sake of brevity referred to as "the Act"). In these appeals, we are concerned with the order passed by the Income-tax Appellate Tribunal ("the Tribunal" for short), Bangalore Bench-B, in W. T. A. Nos. 25 of 1999 and 13 of 1998 for the assessment years 1993-94 and 1994-95. By the impugned order, the Tribunal has allowed the Revenue's appeals and has confirmed the order of assessment passed by the assessing authority for the assessment years 1993-94 and 1994-95. The assessee being aggrieved by the order so…

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