1993 (11) TMI 34

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....erefore, the same are applicable to the assessment years under consideration ?" The point to be determined is whether the provisions of section 7(4) of the Wealth-tax Act, 1957, which came into force with effect from April 1, 1976, were procedural in nature and retrospective in operation in respect of value of self-occupied property and whether the value in respect of the assessment year 1971-72 was to be adopted for, the later years. The provisions of section 7(4) were inserted by Act No. 66 of 1976, with effect from April 1, 1976, which reads as under : "Notwithstanding anything contained in sub-section (1), the value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period o....

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....fetch if sold in the open market on the valuation date next following the date on which he became the owner of the house, or on the valuation date relevant to the assessment year commencing on the first day of April, 1971, whichever date is earlier. This sub-section has frozen the value in respect of a residential property which must be used exclusively by the assessee for residential purposes throughout the period of 12 months immediately preceding the valuation date. Section 3 is the charging section and section 7 is the machinery section by which the charging section is made effective. The matter with regard to the point as to whether section 7(4) is a procedural provision and not a substantive provision and is applicable retrospectively....