https://www.taxtmi.com/caselaws?id=62797 The Tribunal held that Rule 1BB of the Wealth-tax Rules, 1957, can be applied retrospectively to pending assessments for the years 1970-71 to 1975-76, based on its procedural nature and legal precedents supporting retrospective application of procedural rules. Additionally, the Tribunal determined that time-barred debts are still considered liabilities under section 2(m) of the Wealth-tax Act, emphasizing that the right to claim remains despite the debt being time-barred. The Tribunal rejected the revenue's reference applications, upholding its decisions on both issues without the need for High Court referral. en-us Tue, 31 May 1983 00:00:00 +0530 Fri, 21 Jan 2011 18:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62797 The Tribunal held that Rule 1BB of the Wealth-tax Rules, 1957, can be applied retrospectively to pending assessments for the years 1970-71 to 1975-76, based on its procedural nature and legal precedents supporting retrospective application of procedural rules. Additionally, the Tribunal determined that time-barred debts are still considered liabilities under section 2(m) of the Wealth-tax Act, emphasizing that the right to claim remains despite the debt being time-barred. The Tribunal rejected the revenue's reference applications, upholding its decisions on both issues without the need for High Court referral. Case-Laws Wealth-tax Tue, 31 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62797