TMI Blog1996 (4) TMI 110X X X X Extracts X X X X X X X X Extracts X X X X ..... is court for its opinion, by the Income-tax Appellate Tribunal, Patna Bench, Patna, under section 27(1) of the Wealth-tax Act, 1957 : " 1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to the benefit of section 7(4) of the Wealth-tax Act for the years 1974-75 1975-76 and 1976-77 ? 2. Whether the operation of section 7(4) is retrospective in nature ? " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided that where more than one house belonging to the assessee is exclusively used by him for residential purposes, the provisions of this sub-section shall apply only in respect of one of such houses which the assessee may, at his option, specify in this behalf in the return of net wealth. Explanation. --- For the purposes of this sub-section, --- (i) where the house has been constructed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch is by the Appellate Assistant Commissioner of Income-tax. The order of the Tribunal is dated November 13, 1984. We have mentioned these dates to show that when these proceedings were being conducted, sub-section (4) of section 7 of the Wealth-tax Act was in force. Mr. Rastogi, learned counsel for the assessee, has referred to a Bench decision of the Gujarat High Court in CWT v. Niranjan Narot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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