Dismissing the appeal the Court held that the land in litigation or encroachment which was still shown as part of the closing stock of the assessee could not be valued at nil. The value of the land had to be determined on the basis of the actual status of the land in each case and not be applying a standard parameter for each and every case of encroachment and litigation. The Tribunal on consideration of its decisions in the assessee\u2019s own cases had remitted the issue to the Assessing Officer for fresh adjudication after conducting a proper verification and enquiry on production of all the relevant facts in respect of each and every piece of land under litigation and encroachment so as to reveal the actual status of the land for the purpose of determination of value. For the subsequent assessment years from 2007-08 to 2012-13 also the Tribunal had restored the matter to the Assessing Officer for deciding the issue and the assessee had not appealed against those orders before this court or the Supreme Court. \u00a0Order of Tribunal is affirmed .( AY.2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.145: Method of valuation – Stock-In-Trade \u2014 Valuation \u2014Encroached and litigated land \u2014 Cannot be valued at nil value \u2014 Remitting the matter to the Assessing Officer is held to be proper <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12216","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3b2","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12216","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=12216"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12216\/revisions"}],"predecessor-version":[{"id":12217,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12216\/revisions\/12217"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}