1999 (9) TMI 36 - HC - Wealth-tax

Summary

The High Court of Madras held that the method of valuation under the Wealth-tax Act is procedural and applicable to pending cases. The court ruled that the valuation rules incorporated in 1989 should be applied to pending proceedings. The court criticized the Revenue for attempting to re-agitate settled matters and upheld the decision of the Tribunal and Commissioner to use the amended rule for valuation. The judgment favored the assessee and rejected the Revenue's argument.