MGN IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WEALTH TAX REFERENCE NO.8 OF 1998 Commissioner of Wealth Tax..Applicant Vs. Shri R.J. Shah. .......Respondent Mr. P.S. Sahadevan, for the Applicant. CORAM: F.I. CORAM: F.I. CORAM: F.I. REBELLO REBELLO REBELLO & R.S.MOHITE, JJ. R.S.MOHITE, JJ. R.S.MOHITE, JJ. DATED: 13th February, 2009 DATED: 13th February, 2009 DATED: 13th February, 2009 P.C.: P.C.: P.C.: . The learned Tribunal has referred the following question for consideration:- "On the facts and in the circumstances of the case and in law, whether the ITAT was right in confirming the order of the CWT (A) holding that Schedule III to W.T. Act has retrospective application and thereby directing the A.O. to value the office premises at Rs.8,86,000/- as declared by the assessee." . The issue is answered in favour of the assessee by the judgment of the Supreme Court in Commissioner of Wealth-tax vs. Sharvan Kumar Swarup Commissioner of Wealth-tax vs. Sharvan Kumar Swarup Commissioner of Wealth-tax vs. Sharvan Kumar Swarup & Sons, 210 ITR 886 & Sons, 210 ITR 886 & Sons, 210 ITR 886. Considering the above the issue answered in the affirmative in favour of the Assessee and against the Revenue. (R.S.MOHITE, J.) (F.I.REBELLO,J.) (R.S.MOHITE, J.) (F.I.REBELLO,J.) (R.S.MOHITE, J.) (F.I.REBELLO,J.)