Law:

Section:

Section 7 of the Wealth-tax Act, 1957 - Valuation of assets - Immovable property - Whether rule 1BB has not been made effective from 1-4-1979 but was to apply even in respect of pending assessments for orders prior to assessment year 1979-80 - Held, yes CASE REFERRED TO CWT v. Sharvan Kumar Swarup & Sons [1994] 210 ITR 886/ 76 Taxman 620 (SC) [Para 2]. ORDER 1. This reference under section 27 of the Wealth-tax Act, 1957 has been made by the Tribunal for our decision on the following question: "Whether the Hon'ble Tribunal was correct in law in its finding that rule 1BB of the Wealth-tax Rules, 1957 has not been made effective from 1-4-1979 was to apply even in respect of pending assessments for orders prior to assessment year 1979-80? 2. This issue has been…

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