Judgment 1. On an application under Section 27(3) of the Wealth-tax Act, 1957, the Tribunal has referred the following question for our opinion: “Whether, on the tacts and in the circumstances of the case, the Tribunal was justified in directing the Wealth-tax Officer to arrive at the value of the immovable property by applying Rule 1BB and further in directing if the value arrived at by applying Rule 1BB does not exceed the value as per the books by 20 per cent., then he shall not apply Rule 2B(2) in respect of the immovable property ?” 2. Atthe outset, learned counsel for the assessee, Mr. Ranka, submits that now the issue is covered by the decision of the apex Court in the case of CWT vs. Sharvan Kumar Swamp and Sons [1994] 210 ITR 886, wherein their Lordships have taken the view that Rule 1BB is procedural and has retrospective effect. This rule provides the method for valuing a house wholly or mainly used for residential purpose and when choice is given, the value of the property can be ascertained by applying Rule 1BB of the Wealth-tax Rules, 1957. Mr. Ranka further submits that by applying Rule 1BB, the value of the property as per books does not exceed by 20 per cent., therefore, Rule 2B(2) has also no application. 3. Considering the submissions, which have not been controverted by counsel for the Revenue, we find no infirmity in the view taken by the Tribunal. 4. In the result, we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue. 5. Reference so made stands disposed of accordingly.