Land Revaluation

There are issues which needs to be addressed-

since your saying property can still be used as it is not impounded, continue revaluation if you have created a contingent liability Disclosures (chances of loosing land is possible only) 

If you have created a provision, then you have to do revaluation + Create a provision liability by debiting revaluation surplus to the extent available and debit provision expense for the rest of the amount PL. 

Eg. revaluation reserves holds 1000, if the land is 5,000₹, then reduce 1000 from revaluation reserve and debit 4,000 in SPLOCI-PL. Credit provision liability. (this is prescribed treatment for existing provision related to decommissioning, restoration and similar liabilities) 

Note: above treatment is applicable as an entity is a going concern (so continue using land). The above treatment can be prescribed because in case of no prescribed treatment for an event, one can use any relevant standard and prescribe the treatment within the standards framework

there is a different treatment if the land is useless, like treat it under disposal group IndAS 105.4 because IndAS 16 suggests that when no economic benefit exists, it should derecognise the asset.

Sry forgot to mention, the value of provision should not include any disposal gains and what ever the value of the land before/ after revaluation (at the time of creating a provision)  is going out must be recognised. - just for your understanding

If the revaluation done for the first time in FY 2021, do we need to do retrospective or prospective adjustments. Does the land Revaluation reserve part of Networth. What would be the audit process to verify the land Revaluation reserve

Follow the first time revaluation and no need for retrospective adjustments. 

Net worth as per section 2(57) of the companies act formula= (total paid up share capital+reserves out of profits+securities premium account)-(accumulated losses+capital expenditure+miscellaneous expenditure which is written off)

The audit procedure is simply to follow the correct method of first time revaluation model and recognition/ presentation of the gain or loss in the financial statements. Let me know if you need help on revaluation model.

Net worth shall have the same meaning as defined under section 2(57) of the Companies Act, 2013.

Net worth = (Total paid-up share capital + reserves out of profit + securities premium account) – (accumulated losses + expenditure + miscellaneous expenditures which are written off).

Net worth shall be calculated from the first audited financial statement.

ACCIDENTALLY i WROTE CAPITAL EXP. BYE

yes as per the resource I have used, networth is defined from that..