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TMI Blog1996 (1) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to state the case and refer the following question of law for the opinion of the High Court : " Whether, on the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal is legally justified in remanding the case to the Wealth-tax Officer for valuation of property as per Schedule III whereas such Schedule is effective from April 1, 1989, so applicable for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Commissioner of Wealth-tax, therefore, exercising his power under section 25(2) of the Act, set aside the assessment and directed the Wealth-tax Officer to make assessment afresh according to law taking into consideration the report of the District Valuation Officer and after affording proper opportunity of hearing to the assessee-appellant. The assessee and the other co-owners preferred appeals b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aluation, which came into operation on April 1, 1989, will apply in the present case ? The provisions relating to valuation of the property, contained in Schedule III to the Act, are procedural in nature and the procedural law is applicable to the pending cases also. The provisions are in the character of rules of evidence and, therefore, the market value has to be determined in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stion of law arises in the matter and the Tribunal was right in refusing to refer the question for the opinion of this court. In this view of the matter, since the controversy in the present case stands decided by the judgment of the Supreme Court in CWT v. Sharvan Kumar Swarup and Sons [1994] 210 ITR 886, we do not find any merit in this application under section 27(3) of the Wealth-tax Act. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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