https://www.taxtmi.com/caselaws?id=26050 The court determined that Rule 1BB of the Wealth-tax Rules, 1957, is procedural in nature and applies retrospectively. It clarified that Rule 1BB facilitates the valuation process without creating new obligations or affecting vested rights. Consequently, the court held that Rule 1BB is applicable to pending assessments and appeals, allowing for modifications to align with the valuation method outlined in the rule. The outcome favored the assessee, concluding that Rule 1BB applies retrospectively to the relevant assessment years, with no costs awarded. en-us Wed, 06 Nov 1985 00:00:00 +0530 Tue, 02 Feb 2010 14:16:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26050 The court determined that Rule 1BB of the Wealth-tax Rules, 1957, is procedural in nature and applies retrospectively. It clarified that Rule 1BB facilitates the valuation process without creating new obligations or affecting vested rights. Consequently, the court held that Rule 1BB is applicable to pending assessments and appeals, allowing for modifications to align with the valuation method outlined in the rule. The outcome favored the assessee, concluding that Rule 1BB applies retrospectively to the relevant assessment years, with no costs awarded. Case-Laws Wealth-tax Wed, 06 Nov 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26050