The  assessee had revalued the land during the financial year 2010-11 and computation of indexed cost of acquisition for the purpose of working of capital gains, started with the revalued amount. The only income of the assessee for the assessment year was capital gains arising on the sale of the land. Though the Assessing Officer had not passed a detailed order, he had accepted the returns filed by the assessee. The present shareholders of the assessee-company paid capital gains tax considering the market value of the landed property. The Assessing Officer had accepted the claim of the assessee that the calculation from the revised value was correct. The Assessing Officer had accepted the returns filed by the assessee-company and the assessee-company had also given reasons for adopting the revised value and pointed out that except the property, the company had no other property for income, that the entire shares had been transferred and that the value of the land were revised and revalued and that capital gains tax also paid. Dismissing the appeal of the revenue the Court held that the order of revision setting aside the assessment order was not justified.( AY.2014-15)