2009 (8) TMI 67

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....Chopra Respondent's Counsel - JUDGMENT 1. This appeal relate to the assessment years 1987-88 & 1988-89 & 1989-90 respectively. This appeal was admitted on the following substantial questions of law as framed in the memo of appeal; "(A) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the order of the Dy. CIT (Appeals) who held th....

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.... three years at the frozen value and separately valued the land at Rs. 13,64,101/- for the assessment year 1987-88 which was increased to 10% in each of the other two years and taking the value of the land at Rs. 15,00,512 and Rs. 16,50,562 respectively. In appeal, the learned first appellate authority following the orders of the his predecessors and the order of the Appellate Tribunal in assessee....

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....0, 1980-81 & 1982-83. 5. We find that this Court in Wealth Tax Reference No. 17 of 1988, Commissioner of Wealth Tax, Kanpur v. Shri Masood Halim, Kanpur, decided on 1.10.2004 has upheld the order of the Tribunal and has held that with the introduction of sub-section (4) of Section 7 of the Act by the Finance Act, 1976, with effect from 1.4.1976, the position of the residential house would not c....