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Valuation of residential house - Law applicable
March, 07th 2007

CWT vs Masood Halim
Citation 157 Taxman 380
 
AY 1969-70 1974-75. Rule 1BB of the Wealth Tax Rules 1957, applicable from 01 April 1979, being a procedural rule, was applicable to all pending assessments even of earlier years. Therefore, the value of assessees residential house was to be made as per rule 1BB of the Rules.

S.7 of the Wealth Tax Act 1957
Rule 1BB of the Wealth Tax Rules 1957 

High Court of Allahabad

CWT vs Masood Halim

R.K. Agrawal and Prakash Krishna, JJ

WT Reference No. 213 of 1989

16 December 2004

A.N. Mahajan for the Applicant

ORDER

1. The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') for opinion to this Court :-

"Whether, on the facts and in the circumstances of the case, the I.T.A.T. was correct in law in directing to compute the value of the residential property in accordance with rule 1BB of the Wealth-tax Rules which came into force w.e.f. 1-4-1979 ?'

2. Reference relates to the assessment years 1969-70 to 1974-75.

3. We have heard Sri A.N. Mahajan, learned standing counsel for the revenue. Nobody has appeared on behalf of the respondent.

4. The question referred in the present reference is squarely covered by the decision of the Apex Court in the case of CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 8861. The Apex Court in the aforesaid decision has held that rule 1BB of the Wealth-tax Rules is procedural in nature and applies retrospectively to all pending assessments. Thus, it is applicable for the assessment years 1969-70 to 1974-75 even though it came on the statute book on 1st April, 1979.

5. In this view of the matter, we answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the revenue. However, there shall be no order as to costs.

Annex

CWT vs Masood Halim

Wt Reference No. 141 of 1990

R.K. Agrawal and Prakash Krishna, JJ

6 January 2005

ORDER

1. The Income-tax Appellate Tribunal, Allahabad, has referred the following question of law under section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as 'the Act') for opinion to this Court :

"Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in holding that the assessee is entitled to the benefit of rule 1BB of Wealth-tax Rules, since the rule 1BB is procedural, mandatory and retrospective in nature ?'

2. The reference relates to the assessment years 1976-77 and 1977-78. In view of the decision of the Apex Court in the case of CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 8861 rule 1BB of the Wealth-tax Rules has been held to be procedural and retrospective in nature and, therefore, it will apply to the assessment years under reference. We, accordingly, answer the question referred to us in the affirmative, i.e., in favour of the assessee and against the revenue. There shall be no order as to costs.

 
 
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