2000 (2) TMI 80

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..... s petition, a prayer is made to direct the Income-tax Appellate Tribunal to refer the following question of law arising out of its order dated April 3, 1998. "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in directing the Assessing Officer for valuation of the property as per Schedule III whereas such Schedule is effective fro .....

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..... ITR 19, wherein the Kerala High Court has held that the provisions of Schedule III came into force on April 1, 1989, and, therefore, in respect of the earlier assessments Schedule III could not be applied. In the case of CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 886 (SC), rule 1BB which came into force on April 1, 1979, was interpreted, and it was observed that : "... rule 1BB is essen .....

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..... which is beneficial to the assessee has to be taken in accordance with law. The decision in CWT v. Sharvan Kumar Swarup and Saris [1994] 210 ITR 886 (SC), since the provisions for determining the market value have been considered to be procedural law and applicable to all the pending cases in which no right can be vested in respect of the procedure, the procedure as prescribed by Schedule III of .....

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