Assessee sold its property and computed capital gain. The AO  adopted the value on the basis of the  valuation accepted by neighbouring area and computed the capital gain.  CIT (A) took note of the notification issued by the State Government in the year 2007, giving a heritage tag to the property in the area and, accordingly, allowed the assessee’s appeal. On appeal, the Tribunal held that the assessee for the purpose of valuation under the Wealth-tax Act had adopted a certain value and there was no going back on the said valuation as the assessee himself has accepted before the AO that the valuation of the property, as adopted by him, in the Wealth tax assessment may be taken into consideration. However, to the said extent the Assessing Officer did not grant relief. The reasons assigned by the Tribunal are perfectly legal and valid considering the factual position. However, valuation adopted by the assessee in the Wealth tax assessment was not adopted by the AO. Court held that  the reasonable approach would have been to adopt the valuation in the Wealth Tax Assessment, since the Tribunal holds that the assessee could not have been taken two different values, i.e., one valuation is under the Wealth tax assessment and another is under Income-tax Act. Therefore to that extent, the assessee is entitled to relief. Accordingly the appeal is partly allowed and the matter is remanded to the AO to compute the capital gain by taking the value of the land at certain amount and the value of the building at certain amount and the AO is directed to redo the assessment to the extent indicated. (AY. 2000-01)