The Wealth Tax Officer rejected this claim and proceeded to value the immovable properties independently of this said Rules 1BB.
The High Court having declined to certify the case as one fit for appeal to the Supreme Court, the Revenue has companye up by special leave to appeal.
The appeals preferred by the assessee before the Commissioner of Wealth Tax Appeals were allowed and the Appellate Authority held in favour of the applicability of Rule 1BB.
The appeals of the Revenue before the Income Tax Appellate Tribunal, Ahmedabad were unsuccessful.
The Tribunal upheld the Commissioner of Wealth Tax Appeals .
The Revenue sought a reference under Section 27 1 of the Wealth Tax Act in respect of both the assessment years.
N. Venkatachaliah, CJ.
The assessee, a Hindu Undivided Family, companytends that its immovable properties be valued applying the said Rule 1BB even though the assessments in question pertain to the orders prior to 1.4.1979 on which date the said rule came into force.
