IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 488 OF 2001 Shri Madhupati Singhania ..Applicant vs. The Deputy Commissioner of Wealth Tax ..Respondents Mr.S.S.Shetty for applicant. Mr.P.S.Sahadevan for respondents. CORAM: Dr.S.RADHAKRISHNAN CORAM: Dr.S.RADHAKRISHNAN CORAM: Dr.S.RADHAKRISHNAN & S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. S.J.KATHAWALLA JJ. 21st 21st 21st July 2008 July 2008 July 2008 P.C. P.C. P.C. 1. Heard the learned Counsel appearing for the parties. 2. Mr.Sahadevan undertakes to file the vakalatnama within a period of 3 weeks from today. 3. The present appeal has been admitted on following substantial question of law. "Whether on the facts and in the circumstances of the case the Tribunal was justified in coming to the conclusion that the provisions of Schedule III is not retrospective in effect and, therefore, does not apply to assessment year 1988-89?" 4. Both the learned Counsel categorically state that the above question is clearly covered by the decision of Hon’ble Supreme Court of India in the matter of Commissioner of Wealth Tax Vs. Sharvan Kumar Swarup and sons reported in 210 ITR 886. In view thereof the above question is answered in favour of the assessee and against the revenue. Income Tax Appeal is disposed of accordingly. (S.J (S.J (S.J.KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.) KATHAWALLA J.) (Dr.S.RADHAKRISHNAN J.)