https://www.taxtmi.com/caselaws?id=18467 Section 7(4) of the Wealth-tax Act, 1957 was held applicable where the house was found to be used exclusively for residential purposes, and the assessee was entitled to the statutory benefit for the relevant assessment years. The Court also accepted that section 7(4), inserted by the Finance Act, 1976 with effect from 1 April 1976, was procedural in nature and therefore operated retrospectively. Both questions were answered in favour of the assessee, following the view that a valuation provision of this kind may apply to pending matters once the statutory conditions are satisfied. en-us Wed, 24 Apr 1996 00:00:00 +0530 Thu, 01 Oct 2009 11:44:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18467 Section 7(4) of the Wealth-tax Act, 1957 was held applicable where the house was found to be used exclusively for residential purposes, and the assessee was entitled to the statutory benefit for the relevant assessment years. The Court also accepted that section 7(4), inserted by the Finance Act, 1976 with effect from 1 April 1976, was procedural in nature and therefore operated retrospectively. Both questions were answered in favour of the assessee, following the view that a valuation provision of this kind may apply to pending matters once the statutory conditions are satisfied. Case-Laws Wealth-tax Wed, 24 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18467