https://www.taxtmi.com/caselaws?id=20512 The court ruled against the retrospective application of rule 1BB of the Wealth-tax Rules for assessment years 1973-74 and 1974-75, holding that it could only apply from April 1, 1979, to March 31, 1989. The Wealth-tax Officer was directed to consider valuation based on rule 1BB and offer the assessee an option under section 7(4) of the Wealth-tax Act. The Valuation Officer must consider rule 1BB for residential property valuation, ensuring fairness without bias towards the assessee or Revenue. The court emphasized the procedural nature of rule 1BB and its limited retrospective enforcement. en-us Wed, 14 Jul 1993 00:00:00 +0530 Sat, 14 Nov 2009 13:38:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20512 The court ruled against the retrospective application of rule 1BB of the Wealth-tax Rules for assessment years 1973-74 and 1974-75, holding that it could only apply from April 1, 1979, to March 31, 1989. The Wealth-tax Officer was directed to consider valuation based on rule 1BB and offer the assessee an option under section 7(4) of the Wealth-tax Act. The Valuation Officer must consider rule 1BB for residential property valuation, ensuring fairness without bias towards the assessee or Revenue. The court emphasized the procedural nature of rule 1BB and its limited retrospective enforcement. Case-Laws Wealth-tax Wed, 14 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20512