9911796707
TMI Blog1995 (10) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... been submitted by the Income-tax Appellate Tribunal, Ahmedabad Bench 'A', in respect of the four assessment years 1980-81 to 1983-84 and referred the following questions of law for the opinion of this court arising out of Wealth-tax Appeals Nos. 450 to 452/(A) of 1988 and Wealth-tax Appeal No. 1079/(A) of 1987 : " Whether the Appellate Tribunal is right in law and on facts in directing the Wealth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer, it would fetch if sold in the open market on the valuation date. Under the provisions, as inserted by the Direct Tax Laws (Amendment) Act, 1989, it was provided that the value of an asset other than cash for the purposes of the Wealth-tax Act shall be determined in the manner laid down in Schedule III. As the appeal was also in respect of valuation of immovable properties as on the respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r laying down the manner in which the market value of any asset may be determined. The rule-making authority can lay down the method or mode of determining the market value of each asset and such provision can be considered only procedural and not substantive and, therefore, such provisions apply to the pending cases. The court observed as follows (at page 120 of 164 ITR) : " . . . . in order to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amendment shall come into effect from April 1, 1979, is decisive of the fact that the rules were, not intended to be retrospective in nature. They had to be brought on the statute book either at once or with effect from a date decided upon by the rule-making authority but if the rule introduced by the amendment is found to be procedural in nature, it must operate retrospectively and the mere fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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