1999 (9) TMI 36

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....reference. In the case of CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 886 (SC), it has been held that the rules providing for method of valuation under the Wealth-tax Act are not substantive but procedural law and that the provisions of the amended rules are applicable to all pending proceedings. The court, inter alia, held : "Rule 1BB of the Wealth-tax Rules, 1957, which came into forc....

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.... the assessment years preceding April 1, 1989, cannot be made by applying the rules which came to be incorporated on April 1, 1989, when Schedule III was inserted in the Wealth-tax Act by the Direct Tax Laws Amendment Act. We deprecate the attempt on the part of the Revenue to reagitate matters which are settled by the law declared by the Supreme Court. Whatever justification the Revenue may have ....

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....er was capable of being examined in the light of the procedural law that prevailed at the time, the appeal was considered. The Commissioner of Income-tax, was therefore, right in holding that the property, namely, residential house, of the assessee at No. 12, North Gopalapuram, Chennai, should be valued by applying the amended rule 1BB found in Schedule III to the Wealth-tax Act, which rule was in....