https://www.taxtmi.com/caselaws?id=19878 The court interpreted section 7(4) of the Wealth-tax Act, 1957 as procedural and retrospective, allowing for valuation based on specific criteria. It referred to precedents and legal principles, emphasizing the provision's overriding nature and the option it provides to assesses for property valuation. Relying on previous cases, the court held that section 7(4) is applicable to pending assessments, simplifying valuation procedures and benefiting assesses. Consequently, the court upheld the Income-tax Appellate Tribunal's decision, ruling in favor of the assessee and confirming the retrospective and procedural application of section 7(4) in pending cases. en-us Wed, 10 Nov 1993 00:00:00 +0530 Tue, 10 Nov 2009 13:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19878 The court interpreted section 7(4) of the Wealth-tax Act, 1957 as procedural and retrospective, allowing for valuation based on specific criteria. It referred to precedents and legal principles, emphasizing the provision's overriding nature and the option it provides to assesses for property valuation. Relying on previous cases, the court held that section 7(4) is applicable to pending assessments, simplifying valuation procedures and benefiting assesses. Consequently, the court upheld the Income-tax Appellate Tribunal's decision, ruling in favor of the assessee and confirming the retrospective and procedural application of section 7(4) in pending cases. Case-Laws Wealth-tax Wed, 10 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19878