CWT Vs. MASOOD HALIM

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Allahabad, has referred the following questions of law under section 27(3) of the Wealth Tax Act, 1957 ('the Act) for opinion to this Court: 'Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was correct, in law in directing the computation of the value of the residential property in accordance with rule IBB of the Wealth -tax Rules, which came into force on 1 -4 -1979?'

(2.) THE reference relates to the assessment year 1974 -75.

(3.) IN the case of CWT v. Sharvan Kumar Swarup and Sons : 1995ECR425(SC) , rule 1BB having been held by this Apex Court to be retrospective in nature, we do not find any infirmity in the order of the Tribunal.