2003 (11) TMI 26

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....R J.-This reference application is filed under section 27(1) of the Wealth-tax Act, 1957, at the instance of the Commissioner of Wealth-tax, Bhopal. The Commissioner of Wealth-tax has asked the opinion of this court on the following questions of law: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that section 7(4) of the Wealth-tax Act, 1957, w....

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....see's share at Rs. 2,11,000, Rs. 2,14,500 and 2,18,000, respectively, for the three years, respectively. After the assessment the assessee preferred an appeal before the appellate authority claiming the benefit of section 7(4) of the Wealth-tax Act which has come into force with effect from April 1, 1976. The appellate authority rejected the assessee's claim observing that since the appellant is l....

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....ide the assessment order of the appellate court. Thereafter, the Revenue filed an application for referring the aforesaid two questions of law for the opinion of this court. As regards the question of retrospective operation of section 7(4) of the Wealth-tax Act, the apex court in the case of CWT v. Shaman Kumar Swarup and Sons [1994] 210 ITR 886 has laid down that the procedural law is applica....