https://www.taxtmi.com/caselaws?id=62520 The Tribunal held that rule 1BB of the Wealth-tax Rules, though effective from 1-4-1978, had retrospective application to pending proceedings, including assessments for years prior to its enactment. The Judicial Member supported this view, citing precedents to establish the procedural and retrospective nature of rule 1BB. However, the Accountant Member disagreed, arguing for a High Court reference based on conflicting judgments. The Third Member sided with the Accountant Member, emphasizing the need for a definitive ruling on the retrospective application of rule 1BB and referred the matter to the High Court for resolution. en-us Sat, 18 Feb 1984 00:00:00 +0530 Thu, 20 Jan 2011 12:25:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62520 The Tribunal held that rule 1BB of the Wealth-tax Rules, though effective from 1-4-1978, had retrospective application to pending proceedings, including assessments for years prior to its enactment. The Judicial Member supported this view, citing precedents to establish the procedural and retrospective nature of rule 1BB. However, the Accountant Member disagreed, arguing for a High Court reference based on conflicting judgments. The Third Member sided with the Accountant Member, emphasizing the need for a definitive ruling on the retrospective application of rule 1BB and referred the matter to the High Court for resolution. Case-Laws Wealth-tax Sat, 18 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62520