said mill assets were revalued at Rs. 33,50,000. As a result of revaluation of the assets at the time of partition, each ... took ovdf the mill assets. In short, the assessee's contention is that since the mill assets were revalued, at the time
provision has arisen only as a result of the revaluation of the assets and, therefore, should be taken as a revaluation on depreciation reserve ... Companies (profits) Surtax Act, 1964, a reserve arising out of revaluation of the assets cannot be included in the capital. According to the said Explanation
March 13, 1961. He took the view that the difference on revaluation of assets on the dissolution of the firm, viz., $ 101,248.25 had escaped ... application and that no loss or profit on a revaluation of assets could be assessed. He referred in this connection to a circular
were revalued at Rs. 11,50,609, though the written down value was only Rs. 5,42,564. After so revaluing, the assets were divided ... firm was dissolved and the assets distributed. It is true that while distributing the assets, they were revalued, based on their existing market value
following terms :
"Shri Vittal only pleaded that the revaluation of assets as per the definition given in the SICA regarding free reserves cannot ... excluded. On that analogy he maintained that the surplus in revaluation of assets should be taken off while determining the position relating to accumulated losses
total
assets" shall mean, total assets as
appearing in the balance sheet excluding
the increase on account of revaluation of
assets but including ... decrease on
account of revaluation of assets.'
13. The manner in which the aforesaid
disallowance has been made by the
assessing authority
Revaluation Reserve) - (Accumulated Losses + Intangible assets).
And
7.4.1.2. Net Tangible Assets not less than Rs. 580 crores Net Tangible Assets as on 31/03/2015 ... would be considered.
The Net Tangible Assets are defined as: Net Tangible Assets = Net 'Fixed Assets (excluding revaluation reserves, intangible assets such as goodwill
value in a sum of Rs. 81,447. There was no revaluation of assets and liabilities upon retirement ending in dissolution. Thus, the entire business ... instant case, only one of the assets was revalued, not any other asset or liability. Secondly, this is not a case of distribution of assets
firm should be taken. Even assuming without conceding that a revaluation of the asset is called for, such revaluation of the asset should ... categoric contention of the petitioners that the revaluation of the asset should be in accordance with Part B of Schedule
profit and loss
account (excluding the depreciation on account of revaluation of
assets); or
(iib) the amount withdrawn from revaluation reserve and credited ... does not exceed the
amount of depreciation on account of revaluation of assets
referred to in clause (iia); or
(iii) the amount of loss brought
