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2014 (8) TMI 1082 - HC - Income TaxValuation of property - property jointly owned - retrospective effect of section 142A - Held that:- It was not disputed by learned counsel for the revenue that the husband of the assessee, Shri Paramjit Singh also had 25% share in the said property and in his case, the Tribunal had adjudicated the issue in his favour and accepted the valuation shown by him and the order of the Tribunal was accepted by the revenue as no further appeal was filed against it. In such circumstances, it would not be appropriate to adopt two different valuations in respect of identical shares in the same property for the same period. A Division Bench of this Court in Jaswant Rai's case (1977 (2) TMI 22 - PUNJAB AND HARYANA High Court) noticed that where the property was jointly owned, the valuation in the case of one co-sharer should be followed in the case of other co-sharer unless different circumstances are demonstrated. Further, the Apex Court in Berger Paints India Limited's case (2004 (2) TMI 4 - SUPREME Court ) while adjudicating identical issue held if the revenue has not challenged the correctness of the law laid For Subsequent orders down by the High Court and has accepted it in the case of one assessee, then it is not open to the revenue to challenge its correctness in the case of other assessees, without just cause. - Decided against revenue
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