A partnership firm (firm) was incorporated on 20-02-2014 with four partners each contributed Rs.3375000/- and having 25% share in profit / losses. The nature of business of firm is to develop real estate and deal in sites. The firm purchased a plot of land for Rs.13200000/- on 12-05-2014. No business had commenced however some development on plot was done till 2024. There was no further sale or purchase of land. Between 2014 & 2022 two partners  retired and one new partner was inducted in the firm. The retiring partners were paid only their capital contribution of Rs.3375000/-. This amount was introduced as capital by the incoming partner. Value of land has increased , but it  was not revalued by the firm in the books at the time of reconstitution .

Please advise applicability of section 9(B), 45(4) & 48(iii).

Is it compulsory under the above provisions to revalue the land or would it be okay if the partners decided not to revalue the land at the time of reconstitution on the three occasions.