COMMISSIONER OF WEALTH TAX Vs. SUSHILA AGRAWAL

JUDGEMENT

(1.) AT the instance of the Revenue, the following questions of law, for the assessment years 1974-75, 1975-76 and 1976-77 have been referred to this court for its opinion, by the Income-tax Appellate Tribunal, Patna Bench, Patna, under Section 27(1) of the Wealth-tax Act, 1957 :

(2.) SUB-section (4) of Section 7 of the Wealth-tax Act, 1957, was inserted by the Finance Act, 1976, with effect from April 1, 1976. This SUB-section (4) of Section 7, is as under :

(3.) IN any case, we agree with the decision given by the Gujarat High Court, referred to above, about retrospective operation of Sub-section (4) of Section 7 of the Wealth-tax Act, and in view of the clear finding of the Tribunal, we have to answer both the questions, in the affirmative, and in favour of the assessee and against the Revenue.