COMMISSIONER OF WEALTH TAX Vs. SHYAM MOHAN RAWAT

JUDGEMENT

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

(2.) AT the outset, learned counsel for the assessee, Mr. Ranka, submits that now the issue is covered by the decision of the apex court in the case of CWT v. Sharvan Kumar Swamp and Sons [1994] 210 ITR 886, wherein their Lordships have taken the view that Rule 1BB is procedural and has retrospective effect. This rule provides the method for valuing a house wholly or mainly used for residential purpose and when choice is given, the value of the property can be ascertained by applying Rule 1BB of the Wealth-tax Rules, 1957. Mr. Ranka further submits that by applying Rule 1BB, the value of the property as per books does not exceed by 20 per cent., therefore, Rule 2B(2) has also no application.