2020 (1) TMI 1066

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....K.V. Aravind, learned counsel for the respondent. JUDGMENT ALOK ARADHE J., 2. This appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act', for short) has been filed by the assessee which was admitted by a 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....

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....urpose of capital gains, had shown the fair market value as per the report of the valuer in which the value was declared as Rs. 90.25 per square feet. During the assessment proceedings, the Assessing Officer was of the opinion that 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....

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....ed the appeal and the fair market value was modified as on 01.04.1981 by Rs. 50/- per square feet. Being aggrieved, the appellant has filed this appeal.   4. Learned counsel for the appellant submitted that none 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 can....

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....n 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. 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 favou....