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2020 (1) TMI 1066 - HC - Income TaxValuation for the purpose of capital gain - When once the revenue accepts the valuation for the purpose of capital gains in the returns filed over a period of years, subsequently can they refuse to accept the said valuation as the basis, for the subsequent years? - HELD THAT:- It is evident that the issue whether, when the valuation for the purpose of capital gains in the returns filed over a period of years, is accepted by the authorities, they cannot refuse to accept the same for the consequent years, has not been adverted to by the authorities under the Act. For the aforementioned reasons, the substantial question of law framed is answered in favour of the assessee subject to the condition that the valuation report has been accepted in scrutiny assessment at the instance of the assessee - matter is remitted to the Assessing Officer to decide the issue with regard to valuation for the purpose of capital gains in the light of the observations made in this order supra.
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