Law:

Section:

Wealth tax--- ---- Valuation of assets---Rule 1BB providing for method of valuation---Is essentially a rule of evidence---Not substantive but procedural---Operates retrospectively and applies to all pending proceedings---Indian Wealth Tax Rules, 1957, R.1 BB. Rule 1BB of the Wealth Tax Rules, 1957, is essentially a rule of evidence as to the choice of one of the well-accepted' methods of valuation in respect of certain kinds of properties with a view to achieving uniformity in valuation and avoiding disparate valuation resulting from application of different methods of valuation respecting properties of a similar nature and character. Therefore, rule 11313 would operate retrospectively and would be applicable to all pending cases including the assessment years prior to April 1, 1979, when rule 11313 was introduced for the first time in the Wealth Tax Rules, 1957 C.W.T. v. Sharvan Kumar Swarup and Sons (1994) 210 ITR 886 (SC) fol. C.W.T. v. Hira Lal Mehra (1994) 205 ITR 122 (P&H) held no longer good law. CW.T. v. Kasturbhai Mayabhai (1987) 164 ITR 107 (Guj.); C.W.T. v. Lachmandas Bhatia (1987) 163 ITR 586 (MP); C.W.T. v. Niranjan Narottam (1988) 173 ITR 693 (Guj.); C.W.T. v. Tandon (O.P.) (1992) 195 ITR 688 (Delhi); C.W.T. v. Vidyavathi Kapur (1984) 150 ITR 319 (Kar.); Dilip Kumar Mitra v. C.W.T. (1993) 200 ITR 336 (Cal.); Izhar Ahmad Khan v. Union of India AIR 1962 SC 1052 and Manjushree Biswas (Sint.) v. C.W.T. (1988) 171 ITR 348 (Cal.) ref. JUDGMENT ASHOK BHAN, J.---The Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, at the instance of the Revenue has referred the following question or law to this Court under section 27(1) of the Wealth Tax Act, 1957, (hereinafter referred to as "the Act"), alongwith the statement of the case: "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that rule 1BB of the Wealth Tax Rules, 1957, would operate retrospectively so that the valuation of the assessee's building as on January 31, 1975, should be made in accordance with the said rule although the said rule 1BB came into force with effect from April 1, 1979?" The facts relevant to the aforesaid question are: The…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492