| Case ID |
2bb8667a-a7ef-469a-8f9b-ee6f0bb2af5b |
| Body |
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| Case Number |
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| Decision Date |
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| Hearing Date |
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| Decision |
The court determined that the question posed regarding the retrospective operation of Rule 1BB of the Wealth-tax Rules, 1957 is indeed a question of law arising from the Tribunal's order. The Appellate Tribunal was directed to record the statement of the case and refer the question to the court for an opinion. The specific legal question was whether the Tribunal was correct in its finding that the rule had retrospective operation applicable to assessment years prior to 1979-80. The application was allowed without any order as to costs. |
| Summary |
This case revolves around the interpretation of Rule 1BB of the Wealth-tax Rules, 1957, concerning the valuation of houses for wealth tax assessments. The central issue was whether this rule had a retrospective effect, particularly for assessment years preceding 1979-80. The Allahabad High Court, presided over by Justices OM Prakash and Madan Mohan Lal, heard the arguments presented by Bharatji Agarwal, the standing counsel for the Commissioner of Wealth Tax. The court emphasized the need for clarity on the legal question raised by the Tribunal's previous decision. The ruling is significant as it impacts the valuation processes under the Wealth-tax Act and clarifies the applicability of tax regulations over time. This case highlights the intersection of tax law and judicial interpretation, making it a pertinent reference for future cases involving retrospective legislative provisions in tax matters. |
| Court |
Allahabad High Court
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| Entities Involved |
Not available
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| Judges |
OM PRAKASH,
MADAN MOHAN LAL
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| Lawyers |
Bharatji Agarwal
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| Petitioners |
Commissioner of Wealth Tax
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| Respondents |
Shri Surendra Sawhney
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| Citations |
1989 SLD 2235,
(1989) 176 ITR 188
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| Other Citations |
Not available
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| Laws Involved |
Wealth-tax Act, 1957
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| Sections |
Rule 1BB,
Section 27
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