TMI Blog1983 (8) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... t. yrs. 1971-72 to 1975-76 in WT Appeal Nos. 1824 to 1828 (Del) of 1981 on appeals by the revenue and C.O. Nos. 3 to 7 (Del) of 1982 arising in above W.T.A. Nos. Preferred by the respondent-assessee: "Whether on the facts and in the circumstance of the case, the tribunal was justified in directing the wealth-tax Officer to revalue the house property at D.9, N.D.S.E., Part II New Delhi, in accordance with rule IBB of the wealth-tax Rules by holding that though it came in to existence w.e.f. 1st April, 1979 yet it had retrospective operation?" 2. We have heard at length the ld. authorised representatives of the parties. We have also given out due consideration to the Respondent s Reply which is dt. 21th May, 1983 in which reliance has bee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ls Company Ltd. vs. CWT, Bombay (1967) 63 ITR 470 at p. 476 (SC) their Lordships of the Hon ble Supreme Court that s. 7 falls in chapter II which deals with the charged of WT and assets subject to such charges; it is intended to provide a machinery for the determination of value of assets. So s. 7 of the Act consequently r. IBB also is procedural and a procedure embraces in its fold all pending actions. If that was not so, then CBDT could dot have notified r. 1-D to be applicable to all pending assessments i.e. as having retrospective application. 7. In W.T.A. Nos. 205, 206 and 207, (Del) of 1977-78 wherein asst. yrs. 1973-74, 1974-75 and 1975-76 were involved, the issue before the ITAT Delhi Bench B atNew Delhiwas as to whether sub. s. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht on the statute book w.e.f. 1st April, 1979 was applicable to all pending assessment including assessment years involving earlier assessment years. 9. Since, in view of the above discussion, the answer to the question sought for by the revenue became self-evident, we reject the reference applications and for this proposition we rely upon the ratio of the decision of the Hon ble Supreme Court in the case of CGT Bombay vs. Smt. Kusumban D. Mahadevia (1980) 14 CTR (SC) 366 : (1980) 122 ITR 38 (SC). 10. In a very recent decision dt. 7th Feb, 1983 titled as CIT vs. Shiv Prasad as reported in (1983) 14 Taxman 118 (P H) their Lordships of the Hon ble Punjab Haryana High Court had held that where a question of law involved in the case was f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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