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CWT, Agra v. Smt. Shanti Devi Mittal - WEALTH TAX REFERENCE No. 26 of 1988  RD-AH 800 (16 September 2004)
W.T.R. No.26 of 1988
C.W.T., Agra v. Smt. Shanti Devi Mittal, Aligarh
Hon'ble R.K.Agrawal, J.
Hon'ble K.N.Ojha, J.
The Income Tax Appellate Tribunal, Delhi has referred the following question of law under Section 27(1) of the Wealth Tax Act, 1957 (hereinafter referred to as "the Act") for opinion to this Court:-
"Whether the Tribunal was justified in holding that Rule 1-BB of the Wealth Tax Rules was applicable for the assessment years 1972-73 to 1974-75 retrospectively?"
We have heard Sri A.N.Mahajan, the learned Standing Counsel for the Revenue, and Sri P.K.Jain, learned counsel appearing for the assessee.
The Apex Court in the case of C.W.T. v. Sharvan Kumar Swarup and sons, (1994) 210 ITR 886, has held that Rule 1BB of the Wealth Tax Rules is retrospective in nature. In this view of the matter, the question of law referred to us is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. There will be no order as to costs.
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