COMMISSIONER OF WEALTH TAX Vs. HIRA LAL MEHRA

JUDGEMENT

(1.) THE Income Tax Appellate Tribunal, Amritsar Bench, Amritsar, at the instance of the Revenue has referred the following question of law to this court under Section 27(1) of the Wealth -tax Act, 1957, (hereinafter referred to as "the Act"), along with the statement of the case :

(2.) RULE 1BB of the Wealth -tax Rules (hereinafter referred to as "the Rules") was introduced in the year 1979. The question before this court was : whether Rule 1BB which came in the statute book for the first time in the year 1979, would be applicable to the assessment years 1973 -74 and 1974 -75 ? It was held that even though Rule 1BB was procedural but the same could not be made applicable retrospectively with respect to the assessment years prior to April 1, 1979, and therefore, it would not apply to the assessment years 1973 -74 and 1974 -75. It was held that Rule 1BB would apply to the assessment years for the period after April 1, 1979, to March 31, 1989, during which period the said Rule remained in force.

(3.) ALTHOUGH we have stated that the question referred to us stands concluded by the judgment of this court in Hira Lal,s case , the same needs reconsideration in the light of the following facts :