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2016 (11) TMI 708 - ALLAHABAD HIGH COURTWealth tax assessment - ITAT held that certain provisions of building bye laws framed by J.D.A in Jan, 1996 were to apply retrospectively for Wealth Tax assessment on valuation date 31.3.1987 - applacability of provision of bye laws of J.D.A of Jan, 1996 - Held that:- In the present case, in our view, Regulations 1996 for the purpose of assessment of valuation of disputed property are not at all applicable unless it is shown that the disputed property has been developed or constructed observing the standards and requirements of Regulations 1996 or any other Regulations under J.D.A. Act, 1982. To us it appears that JDA Regulations 1996 have not been appreciated by Tribunal in the light of the provisions of JDA Act 1982. The purpose and object of such Regulations has been misconstrued. We, therefore, have no hesitation in holding that for the purpose of valuation of property in dispute, reliance placed on Regulations 1996 was neither correct nor valid nor in accordance with law. In the present case, the said Regulations will have no application for the purpose of valuation of building in dispute and it will have to be made only in accordance with Schedule III, as it is. We therefore, answer substantial questions of law formulated above, by holding that Regulations 1996 are not retrospective but operates on and after 28.6.1996 that is the date of publication of notification in the Gazette but it would make no difference in the present case, for the reasons that these Regulations have no application to the disputed property which has to be valued as per the procedure prescribed in Schedule III of Act, 1957. All the questions are therefore, answered in favour of Revenue and against Assessee
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