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Application under section 27(3) of the Wealth-tax Act for reference of a question of law to the High Court regarding valuation of property as per Schedule III. Analysis: The Revenue filed applications under section 27(3) of the Wealth-tax Act, seeking direction for the Income-tax Appellate Tribunal to refer a question of law to the High Court. The question pertained to the Tribunal's decision to remand the case to the assessing authority for valuation of the property as per Schedule III, effective from April 1, 1989. The Tribunal had allowed the appeals of the assessees and directed valuation as per the amended rules in Schedule III. The Revenue contended that since assessments were completed before April 1, 1989, Schedule III could not be applied. The Tribunal's decision was based on the procedural law of Schedule III, applicable to pending proceedings. The Tribunal's order of remand kept the assessment proceedings pending before the assessing authority for valuation based on the amended law. In previous assessments of the co-owners for the same property, the value was assessed lower, and the cases were remanded for reassessment under the amended law. The Tribunal's decision aligned with the procedural law's retrospective application to pending matters. The Supreme Court's judgment in CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 886 established that procedural laws apply to pending cases unless specifically indicated otherwise by the Legislature. The Supreme Court emphasized that procedural laws do not confer vested rights to the suitor and are generally applicable to ongoing cases. Given the precedent set by the Supreme Court's judgment, the High Court found no referable question of law in the matter. The Tribunal's decision to refuse to refer the question to the High Court was justified, as the controversy was settled by the Supreme Court's ruling. Consequently, the applications under section 27(3) of the Wealth-tax Act were dismissed, as there was no merit found in them.
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