- (1.) ON an application under S. 27(3) of the WT Act, 1957, the Tribunal has referred the following question for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the decision of the AAC that in the case of residential properties r. 1BB being procedural, would apply to asst. yrs. 1972-73 to 1977-78, even prior to 1st April, 1979?"
(2.) AT the out set, learned counsel for the Revenue Mr. Singhi fairly admits that now the issue is covered by the decision of apex Court in the case of CWT vs. Sharvan Kumar Swarup & Sons (1994) 122 CTR (SC) 380 : (1994) 210 ITR 886 (SC), wherein their Lordships have taken the view that r. 1BB has the application. Rule 1BB is procedural, therefore, it has a retrospective effect. Considering the submissions of the learned counsel, we find no infirmity in the view taken by the Tribunal.
(3.) IN the result, we answer the question in affirmative i.e., in favour of the assessee and against the Revenue.;