2004 (7) TMI 63

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.... Sud J.- The Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), has referred the following question of law arising out of its order dated March 11, 1983, for the opinion of this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that the provisions of section 7(4) of the Wealth-tax Act....

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....that as per the provisions of section 7(4) of the Wealth-tax Act, 1957 (for short "the Act"), the value of the house had to be restricted to the figure determined for the assessment year 1971-72. This plea was opposed by the Revenue on the ground that since the said provision had come into force with effect from April 1, 1976, its benefit was available only for the assessment year 1976-77 and subs....

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....l purposes, it was held that the same was applicable to all pending assessments. The apex court observed that procedural law, generally speaking, is applicable to all pending cases and no suitor can be said to have a vested right in procedure. The judgments of various High Courts in CWT v. Lachmandas Bhatia [1987] 163 ITR 586 (MP); CWT v. Niranjan Narottam [1988] 173 ITR 693 (Guj); CWT v. O.P. Tan....