subject Assessment Year, the amount debited on
account of re- valuation to the Profit & Loss Account in the earlier
year, was reversed. Consequently ... Year. The Assessing
Officer assessed the amount credited on account of re-valuation of
assets as a part of the business income of the assessee
goods are subject to re-valuation.
Before the insertion of rule 10A in the erstwhile Customs Valuation
(Determination of Valuation of Imported Goods) Rules ... decided on 4 February 1998] requiring any re-valuation to be a
consequence of discharge of onus by customs authorities to establish
that the declared
goods are subject to re-valuation.
Before the insertion of rule 10A in the erstwhile Customs Valuation
(Determination of Valuation of Imported Goods) Rules ... decided on 4 February 1998] requiring any re-valuation to be a
consequence of discharge of onus by customs authorities to establish
that the declared
goods are subject to re-valuation.
Before the insertion of rule 10A in the erstwhile Customs Valuation
(Determination of Valuation of Imported Goods) Rules ... decided on 4 February 1998] requiring any re-valuation to be a
consequence of discharge of onus by customs authorities to establish
that the declared
goods are subject to re-valuation.
Before the insertion of rule 10A in the erstwhile Customs Valuation
(Determination of Valuation of Imported Goods) Rules ... decided on 4 February 1998] requiring any re-valuation to be a
consequence of discharge of onus by customs authorities to establish
that the declared
which was credited to the re-valuation
reserve. Consequently, the balance sheet for that assessment year
resulted in enhancement of cost of fixed assets ... said amount with
corresponding credit to re-valuation reserve. For the previous year
ending 31.03.2001, relevant to the assessment year 2001-02, the profit
difference of Rs.4,86,576/- on account of re-valuation of
mutual funds due to difference in the accounting
treatment followed by the assessee ... gain
arising from the sale of mutual fund as well as re-
valuation of the mutual fund and, therefore, these
aspects are very much required
that in the
notes to account there was a mention of re-valuation of assets and
the excess amount after re-valuation was credited ... partners
capital account. The re-valuation of factory building is at
`.3,22,65,000/-. Later on the new company New Gujarat Tin Circle
Depot
been undertaken to re-value the stocks and
such loss on re-valuation was set-off against share premium account and is
also being claimed ... realisable value at the end of the year and
re-valuation loss cannot be allowed in the middle of the year. She points out
that
Page 4
on account of the transfer of amounts from re-valuation reserve account
to the profit and loss account during financial years ... addition to this, the assessee-company had also transferred
amount from re-valuation reserve to neutralize the effect of increased
depreciation on account of re
