TaxTMI 
TaxTMI 
1996 (1) TMI 23
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....ax 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 learned Income-tax Appellate Tribunal is legally justified in remanding the case to the Wealth-tax Officer for valuation of property as per Schedule III whereas such Schedule is ef....
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.... suit property at substantially a higher figure. The Commissioner of Wealth-tax, 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 proper opportunity of hearing to the assessee-appellant. The....
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....s : whether the amended provisions relating to the 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 are in the character of rules of evidence and, therefore, the ma....