1986 (7) TMI 61

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....NI J. -By this reference under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Wealth-tax Officer to determine the value of the reside....

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.... at Rs. 3,25,000. The finding of the Wealth-tax Officer was upheld in this behalf by the Appellate Assistant Commissioner. On further appeal, the Tribunal held that though rule I BB of the Rules had come into force with effect from April 1, 1979, the rule was procedural and was applicable to pending assessments. The Tribunal, therefore, set aside the order of assessment with regard to the aforesai....