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2002 (10) TMI 69 - HC - Wealth-tax"1. Whether, Tribunal was justified in holding that the amendment made by the Finance Act, 1988, removing wealth-tax on stock-in-trade was a substantive law and hence not retrospective in operation? - 2. Whether, Tribunal was legally justified in directing that the immovable properties be valued as per Schedule III to the Wealth-tax Act for the assessment of assessment year 1984-85 whereas the said Schedule III came into existence with effect from the assessment year 1989-90? - 3. Whether, the Court in the case of CWT v. Sharwan Kumar Swarup and Sons given in respect of the Wealth-tax Rules was applicable to the provisions of Schedule III to the Wealth-tax Act and thereby in giving retrospective effect to the provisions contained in Schedule III to the Wealth-tax Act?" - the first question is answered in favour of the assessee and against the Department. - It has been held by the apex court in this case that 'rule 1BB partakes of the character of a rule of evidence. It deems the market value to be the one arrived at on the application of a particular method of valuation which is also one of the recognised and accepted methods. The rule is procedural and not substantive and is applicable to all proceedings pending on April 1, 1979, when the rule came into force. The procedural law, generally speaking, is applicable to pending cases. No suitor can be said to have a vested right in procedure'. - Since the controversy stands concluded by the aforesaid judgment of the Supreme Court, no referable question of law arises
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