Law: Wealth Tax Act, 1957

Section: 27(1),38A,46,3,7,7(1),46(2)

Law: Wealth Tax Rules, 1957

Section: 1BB

Wealth tax--- ----Valuation---Rule providing method for valuing house wholly or mainly used for residential purposes---Is purely procedural and has retrospective application---Applies to all proceedings pending on date, when rule was brought into force. Rule 1BB of the Indian Wealth Tax Rules, 1957, which provides the method for valuing a house wholly or mainly used for residential purposes only lays down the procedure for valuation of assets and is as such purely procedural and has retrospective application. It applies to all proceedings pending on the date when the rule was brought into force. By the Court: "If rule 1BB was intended to be applied only to future assessments, there was nothing to prevent the framers of the rule from saying so. The rule was framed to streamline the procedure and to do away with the uncertainty, which was prevailing in different procedures for valuation of assets being followed by different officers. When the object was such, it is difficult to say that the rule would not apply to pending assessments." CWT v. Shri Kasturbhai Mayabhai (1987) 164 I T R 107 (Guj.), CWT v. Vidyavathi Kapur (1984) 150 I T R 319 (Kar.); CWT v. Lachmandas Bhatia (1987) 163 I T R 586 (MP) and Manjushree Biswas (Smt.) v. CWT (1988) 171 ITR 348 (Cal.) fol. . Ajit Kumar Palit v. State (1961) A I R 1961 Cal. 560; Athlumney, In re: (1898) 2 QB 547; CTT v. Srinvasa Setty (B.C.) (1981) 128 I T R 294 (SC); CWT v. Balbhadradas Bangur (1984) 148 I T R 149 (Cal.); CWT v. Laxmipat Singhania (1978) 111 I T R 272 (All.); CWT v: Maharaja Kumar Kamal Singh (1984) 146 I T R 202 (SC); CWT v. Maharaja Mayurdhwaj Singhji (H.H.) (1982) 136 I T R 279 (Bom.); CWT v. Niranjan Narottam (1988) 173 I T R 693 (Guj.); CWT v. Pachigolla Narasimha Rao (1982) 134 I T R 640 (AP); Escorts Ltd. v. Union of India (1991) 189 I T R 81 (Delhi); Govinddas v. ITO (1976) 103 I T R 123 (SC); Hukam Chand v. Union of India (1972) A I R 1972 SC 2427; Kusumben D. Mahadevia (Sort.) v. N.C. Upadhya (1980) 124 I T R 799 (Bom.); Prithvi Singh v. Additional CWT (1986) 157 I T R 193 (Raj.); Sanghi Motors v. Union of India (1991) 187 I T R 703 (Delhi); Sharbati Devi Jhalani v. CWT (1986) 159 ITR 549…

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