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2019 (2) TMI 1391 - HC - Income TaxValuation of land under litigation/encroachment - status of the land for the purpose of determination of value - CIT(A) concurred with the view of the Assessing Officer and has held that the value of land cannot be taken at NIL and has further upheld that the assessee appellant has changed its method of valuation during the year under consideration - assessee has argued that the learned ITAT failed to appreciate that valuing the closing stock of encroached/litigated land at actual direct development expenditure upto assessment year 2005-2006 is against the principle of prudence - HELD THAT:- The Tribunal considering the decisions of Coordinate benches of the Tribunal itself in assessee's own case, set aside the issue to the record of the Assessing officer for fresh adjudication after conducting a proper verification and enquiry. The assessee was also directed to produce all the relevant facts in respect of each and every piece of land under litigation and encroachment so as to reveal the actual status of the land for the purpose of determination of value. Moreover, in the subsequent assessment year viz assessment year 2007-08 in the case of assessee, the Tribunal [2011 (6) TMI 954 - ITAT JAIPUR], restored back the matter to the Assessing Officer for deciding the issue and even in subsequent years i.e. 2009-10, 2010-11, 2011-12, 2012-13, vide order dated 23.02.2018, the Tribunal set aside this issue to the record of the Assessing Officer for deciding the same afresh in terms of the directions as given by the Tribunal in the assessment year 2007- 2008 and no appeal has been filed against the aforesaid orders by the assessee before this Court or before the Supreme Court.
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