value of any asset, (j) the amount standing in revaluation reserve relating to revalued asset on the retirement or disposal of such asset ... statement of profit and loss (excluding the depreciation on account of revaluation of assets); or (iib) the amount withdrawn from revaluation reserve and credited
Provided that— (i) any amount representing unrealised gains, notional gains or revaluation of assets, whether shown as a reserve or otherwise, or (ii) any change ... audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation; (58) “notification” means a notification
shall be substituted, namely: - "(j) the amount standing in revaluation reserve relating to revalued asset on the retirement or disposal of such asset
assets. The figure of Rs. 356.62 lakhs represents depreciation on the revised cost of assets. If the assets had not been revalued, the assessee would ... increase in the revised cost due to revaluation. If the assessee-company had not revalued the assets, the actual claim of written off would have
revalued cost and the written down value, as a withdrawal from the Revaluation reserve account. The purpose of the revaluation of the assets ... company. Consequent to revaluation of the assets, the assets, had to be shown at its revalued cost and in order to balance the Balance Sheet
depreciation on revalued assets. The assessee filed written submissions and stated that "the depreciation of assets of revalued figures are to be allowed because ... written down value method and not revalued figure has to be taken in the case of revaluation of assets shown after
Unit
Particula Cost of Date of Revalued Revaluation
rs of Purchase/Co purchase/construction Amount (Rs.) Gain (Rs.)
Assets nstruction
Rs.
Land ... partnership asset was revalued by the
partners at the start of the year and the difference on account of
revaluation of asset was credited
asset cannot be
isolated or carved out from the value of partner's interest in the
totality of the partnership assets. When an asset ... asset is revalued then as per accounting norms the corresponding
notional surplus due to revaluation is required to be credited to
revaluation reserve
section 115JB, states that
"the amount standing in revaluation reserve relating to
revalued asset on the retirement or disposal of such asset"
needs ... such reserve has been created by the
assessee on revaluation of shares. Revaluation of assets takes
place only when the assessee decides to revalue
debited to Capital Revaluation Reserve Account."
6. The AO has not disputed the quantum of revaluation of assets made by the appellant company ... while revaluing the assets. The enhancement in the value of assets was debited in the account of the respective fixed assets and the corresponding credit
