COMMISSIONER OF WEALTH TAX Vs. JYOTSANA BAID

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal has referred the following question of law arising out of its order dated October 20, 1981, in respect of the assessment years 1972-73 to 1975-76 :

(2.) THE point to be determined is whether the provisions of Section 7(4) of the Wealth-tax Act, 1957, which came into force with effect from April 1, 1976, were procedural in nature and retrospective in operation in respect of value of self-occupied property and whether the value in respect of the assessment year 1971-72 was to be adopted for the later years.

(3.) ACCORDINGLY, the reference is answered in favour of the assessee and against the Revenue.