Rajasthan Court July 2002 Judgments

Cwt Vs. Shyam Mohan Rawat

Court: Rajasthan

Reported in: [2002]124TAXMAN483(Raj)

On an application under section 27(3) of the Wealth Tax Act, 1957 (hereinafter referred to as 'the Act'), the Tribunal has referred the following question for our opinion :'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Wealth Tax Officer to arrive at the value of the immovable property by applying rule 1BB and further in directing if the value arrived at by applying rule 1BB does not exceed the value as per the books by 20 per cent, then he shall not apply rule 2B(2) in respect of immovable property ?'2. At the outset, the learned counsel for the assessee, Mr. Ranka, submits that now the issue is covered by the decision of the Hon'ble Apex Court in the case of CWT v. Sharvan Kumar Swarup & Sons : 1995ECR425(SC) , wherein their Lordships have taken the view that rule 1BB is procedural and has a retrospective effect. This rule provides the method for valuing a house wholly or mainly used for residential purpose and when choice is ...