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2017 (9) TMI 1732 - HC - Income TaxRevaluation of assets - Determination of value of asset - whether assessment would have to be done on the basis of the value of assets as on 1st April 2011 when partnership firm was constituted or revalued value of assets? - what was the value of the assets as on 1st April 2011? - maintainability of appeal - substantial question of law - Held that:- The value would necessarily have to be the value as recorded in the books of the firm as on 1st April 2011, i.e., the value before the revaluation. More over, as observed above, the learned Tribunal arrived at a factual finding with regard to the value of the assets transferred to the partnership as on 1st April 2011 and rejected the contention of the Revenue that the value of the assets as revalued would have to be taken into consideration. The learned Tribunal having factually determined the value of the assets in question as on 1st April 2011, this court cannot entertain any appeal under Section 260A of the Income Tax Act, 1961. Right of appeal is not automatic. Right of appeal is conferred by statute. When statute confers a limited right of appeal only in a case which involves substantial questions of law, it is not open for this Court to sit in appeal over the factual findings arrived at by the Appellate Tribunal. There is no substantial question of law involved in this appeal. - Decided against revenue
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