| Case ID |
21562432-9b9a-456f-85a8-981b7dce570a |
| Body |
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| Case Number |
WT REFERENCE NO. 313 OF 1982 |
| Decision Date |
May 09, 2003 |
| Hearing Date |
|
| Decision |
The Allahabad High Court ruled on the applicability of rule 1BB of the Wealth-tax Rules, 1957, confirming that it has not been made effective from 1-4-1979 but was to apply in pending assessments for orders prior to the assessment year 1979-80. The Supreme Court's decision in CWT v. Sharvan Kumar Swarup & Sons [1994] 210 ITR 886 was referenced, stating that rule 1BB is procedural and applicable to all proceedings pending as of 1st April, 1979. Consequently, the reference was answered in the affirmative against the department and in favor of the assessee. |
| Summary |
This case involves the interpretation of section 7 of the Wealth-tax Act, 1957, concerning the valuation of immovable property. The Allahabad High Court addressed the question of whether rule 1BB was applicable to pending assessments prior to the assessment year 1979-80. The court reaffirmed that rule 1BB was procedural and should apply to all proceedings pending when the rules came into force. This decision underlines the significance of procedural rules in tax assessments and their retrospective applicability in specific contexts. The ruling is pivotal for tax practitioners and stakeholders in understanding how valuation rules are applied in wealth tax assessments, especially concerning immovable properties. The case is likely to influence future tax litigation and interpretations of the Wealth-tax Act. It emphasizes the importance of staying updated with procedural rules and their implications on ongoing assessments. |
| Court |
Allahabad High Court
|
| Entities Involved |
Not available
|
| Judges |
Dr. B.S. Chauhan,
Ghanshyam Dass
|
| Lawyers |
Not available
|
| Petitioners |
Commissioner of Wealth Tax
|
| Respondents |
Kapoor Chand
|
| Citations |
2004 SLD 2245,
(2004) 266 ITR 496
|
| Other Citations |
CWT v. Sharvan Kumar Swarup & Sons [1994] 210 ITR 886
|
| Laws Involved |
Wealth-tax Act, 1957
|
| Sections |
7
|