https://www.taxtmi.com/caselaws?id=21474 The court ruled in favor of the assessee on all issues. It held that section 7(4) of the Wealth-tax Act applies retrospectively to the assessment year 1975-76. The court found that the assessee validly exercised the option under section 7(4) in time, entitling them to its benefits. Additionally, the court emphasized the importance of valuation consistency with co-sharers and deemed the reference to the Valuation Officer invalid due to the valid exercise of the option by the assessee. en-us Tue, 06 Aug 1991 00:00:00 +0530 Tue, 24 Nov 2009 16:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21474 The court ruled in favor of the assessee on all issues. It held that section 7(4) of the Wealth-tax Act applies retrospectively to the assessment year 1975-76. The court found that the assessee validly exercised the option under section 7(4) in time, entitling them to its benefits. Additionally, the court emphasized the importance of valuation consistency with co-sharers and deemed the reference to the Valuation Officer invalid due to the valid exercise of the option by the assessee. Case-Laws Wealth-tax Tue, 06 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21474