COMMISSIONER OF WEALTH TAX Vs. VEENA DEVI

JUDGEMENT

(1.) THE Tribunal has referred the following question of law for the opinion of this Court for the assessment years 1967 -68, 1968 -69 and 1969 -70. 1. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was competent to entertain and decide the question with regard to vires of rule 1 -D of the Wealth Tax Rules.

(2.) WHETHER on the facts and in the circumstances of the case the view taken by the Tribunal that rule 1 -D of the Wealth tax Rules, instead of serving the purpose of the Act, puts a severe curb on it, particularly on the provisions contained in S. 7(1) and 24(5) of the Wealth Tax Act, and hence it is ultra vires of these sections, is correct in law.

(3.) WE have heard learned counsel for the parties, but we are not satisfied that decision requires reconsideration. In respect of the third question, therefore, we concur in the opinion that Rr. 1 -C and 1 -D have retrospective operation.