COMMISSIONER OF WEALTH TAX Vs. PATWANT KAUR

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), has referred the following "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the provisions of s. 7(4) of the WT Act, 1957, are applicable for the purpose of valuation of the assessee's residential house in respect of not with retrospective effect -

(2.) IN the return filed for asst. yrs. 1973 -74 to 1975 -76, the assessee had declared the value of her residential house situated at 696, Model Town, Jalandhar, at Rs. 1,19,110. While framing the assessment, the WTO fixed the market value at Rs. 3 lakhs in all the aforementioned three years.

(3.) AGGRIEVED by the said action, the assessee filed appeals before the AAC, wealth -tax who reduced the value to Rs. 2,50,000.