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2010 (9) TMI 124 - HC - Income TaxValuation of the land - property was brought in by partner of the assessee firm in the form of capital- it was to be evaluated in the manner the partners agreed in the manner provided in Clause 3 of the Partnership Deed - stipulates that it would be as per the wealth tax returns - Held that: - It would be clearly an absurd position that for the purpose of payments of wealth tax it was valued at ₹ 36,61,625, but when it comes to his capital contribution by giving that asset to the firm, it is valued at a partly sum of ₹ 2,01,000 - assessee by filing revised return well within the permissible limits prescribed under the Income Tax Act - capital account was also upgraded - favour of the assessee and against the Revenue
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