TMI Blog2020 (1) TMI 1066X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench of this Court on the following substantial question of law: 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? 3. Facts giving rise to the filing of the appeal briefly stated are that the appellant had fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the fair market value declared by the appellant was on the higher side as the land was situated in an underdeveloped area. Finally, the Assessing Authority concluded the assessment by adopting the fair market value so determined at the rate of ₹ 25.50 per square feet and reworked the capital gains and made certain disallowances. Being aggrieved by the order of assessment, the appellant filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the parties have adverted to the fact that once the revenue accepts the value for the purpose of capital gains in the return filed over a period of years, subsequently, they cannot refuse to accept the valuation for the consequent years. It is further submitted that in all the cases, the scrutiny assessment was made and therefore, the valuation report which was accepted for the purpose of cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to by the authorities under the Act. 7. For the aforementioned reasons, the substantial question of law framed by a Bench of this Court by an order dated 09.08.2010 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. 8. In the result, the impugned order dated 20.04.2010 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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