| Case ID |
3836dd7d-3a0e-4ad8-951b-08bec045ae92 |
| Body |
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| Case Number |
D.B. Wealth Tax Reference No. 51 of 1983 |
| Decision Date |
Nov 10, 1993 |
| Hearing Date |
|
| Decision |
The court concluded that the provisions of section 7(4) of the Wealth Tax Act, 1957, are procedural in nature and have a retrospective effect, applicable to pending assessments from the assessment years 1972-73 to 1975-76. This decision was grounded on the interpretation of the law and previous case law, reaffirming that the valuation rules provided by section 7(4) do not impair existing rights or obligations. The court held that the Income Tax Appellate Tribunal was justified in its ruling regarding the retrospective application of these provisions, emphasizing the importance of procedural fairness in tax assessments. |
| Summary |
The case revolves around the interpretation of section 7(4) of the Indian Wealth Tax Act, 1957, which was inserted by the Finance Act, 1976. This section pertains to the valuation of residential properties owned by the assessee for wealth tax purposes. The Rajasthan High Court examined whether these provisions were procedural and could be applied retrospectively to pending assessments. The court's decision clarified that the provisions are indeed procedural and have retrospective effect, thereby applying to assessments for the years 1972-73 to 1975-76. This ruling aligns with established precedents and highlights the court's commitment to ensuring fair tax practices. The case emphasizes the critical nature of proper asset valuation in wealth tax assessments and the implications for taxpayers. The decision reflects broader themes in tax law, such as the balance between legislative intent and the rights of taxpayers, making it a significant reference point for future cases involving wealth tax assessments. |
| Court |
Rajasthan High Court
|
| Entities Involved |
Not available
|
| Judges |
K C. AGRAWAL, C.J.,
V.K SINGHAL, J
|
| Lawyers |
Not available
|
| Petitioners |
COMMISSIONER OF WEALTH TAX
|
| Respondents |
Smt. JYOTSANA BAID
|
| Citations |
1998 SLD 1131,
1998 PTD 1089,
(1994) 210 ITR 767
|
| Other Citations |
CWT v. Niranjan Narottam (1988) 173 ITR 693 (Guj.),
Gulabrai Hanumanbox v. CWT (1992) 198 ITR 131 (Gauhati),
CWT v. Man Bahadur Singh (1994) 208 ITR 658 (Raj.)
|
| Laws Involved |
Indian Wealth Tax Act, 1957
|
| Sections |
7(4)
|