Gandhinagar: Gujarat assembly’s public account committee (PAC) on Friday in its report acknowledged the CAG observations of Sep 2002 and noted that due to revenue department’s poor valuation of govt land, procedural delays and certain irregularities, the state’s exchequer suffered substantial financial losses. The PAC noted, “Due to incorrect valuation in sections 3.5.9.1 and 3.5.9.2, there was a loss of revenue from lower collection of occupancy prices and undervaluation of govt lands.” The committee observed that timely valuation and allocation according to govt guidelines and resolutions were not executed, leading to delays in allocation and valuation, causing financial losses to govt. A comprehensive policy or guidelines for land valuation for any transfer or allocation should be developed, it suggested.