COMMISSIONER OF WEALTH TAX Vs. SANTOSH CHAND

JUDGEMENT

(1.) ON an application under S. 27(3) of the WT Act, 1957, the Tribunal has referred the following question for our opinion :

(2.) AT the out set, learned counsel for the Revenue Mr. Singhi fairly admits that now the issue is covered by the decision of apex Court in the case of CWT vs. Sharvan Kumar Swarup & Sons (1994) 122 CTR (SC) 380 : (1994) 210 ITR 886 (SC), wherein their Lordships have taken the view that r. 1BB has the application. Rule 1BB is procedural, therefore, it has a retrospective effect.

(3.) IN the result, we answer the question in affirmative i.e., in favour of the assessee and against the Revenue.