1996 (1) TMI 22

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....ction 27(3) of the Wealth-tax Act, 1957, has prayed that the Tribunal may be directed to state the case and refer the following question of law for the opinion of the High Court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is legally justified in remanding the case to the Wealth-tax Officer for valuation of the property as per Schedule III wh....

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....the District Valuation Officer has valued the suit property at substantially a higher figure. The Commissioner of Wealth-tax (Appeals), therefore, exercising his power under section 25(2) of the Act, set aside the assessment and directed the Wealth-tax Officer to make assessment afresh according to law taking into consideration the report of the District Valuation Officer and after affording prope....

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....ourt. The controversy involved in the present case, therefore, is : whether the amended provisions relating to valuation, which came into operation on April 1, 1989, will apply in the present case ? The provisions relating to valuation of the property, contained in Schedule III to the Act, are procedural in nature and the procedural law is applicable to the pending cases also. The provisions ar....