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
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
from its holding company, SPIL. The DFU comprised
various assets including intangible assets. The intangible assets so
received under the spin off arrangement were recognized ... contain any
definition of revaluation, it still recognizes the difference between
the revaluation and initial recognition of assets at fair value. In this
context
account (calculated (Downward Revaluation [B] excluding the effect of
on revalued cost) [A] (depreciation charges less due revaluation [A-B]
to revaluation ... claiming the
depreciation on the value of the assets after ignoring the amount of assets revalued
in the downward direction. The learned AR before
Explanation 1 of
section 115JB, the amount standing in revaluation reserve relating to
revalued asset on the retirement or disposal of such asset, needs ... Explanation 1 of
Section 115JB, the amount standing in revaluation reserve relating to
revalued asset on the retirement or disposal of such asset, needs
before and after
revaluation are as under :-
Cost as on Revalued figure Extent of increase due to
30.03.08 as on 31.03.08 revaluation ... profit or income. Revaluation at market value results in
notional imaginary profit which cannot be taxed. Revaluation of an asset which an
assessee continues
