https://www.taxtmi.com/caselaws?id=67108 Section 7(4) of the Wealth-tax Act, 1957 was treated as a procedural valuation provision, not a substantive charging provision, because section 3 alone imposes the tax while section 7 prescribes the method of valuation for assessment. On that basis, the provision was regarded as applicable to pending assessments, including assessments relating to earlier years. The Tribunal also noted supporting authority on allied valuation provisions and held that no referable question of law arose from its order. The issue was answered against the Revenue and in favour of the assessee. en-us Sat, 27 Feb 1988 00:00:00 +0530 Wed, 09 Mar 2011 11:28:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67108 Section 7(4) of the Wealth-tax Act, 1957 was treated as a procedural valuation provision, not a substantive charging provision, because section 3 alone imposes the tax while section 7 prescribes the method of valuation for assessment. On that basis, the provision was regarded as applicable to pending assessments, including assessments relating to earlier years. The Tribunal also noted supporting authority on allied valuation provisions and held that no referable question of law arose from its order. The issue was answered against the Revenue and in favour of the assessee. Case-Laws Wealth-tax Sat, 27 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67108