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
only WDV and not the revalued figures has
to be taken in case of revaluation of assets after 1956. It is
observed that provisions ... adjustments. Thei r Lordship s noted that fixed
assets the fixed assets of the assessee were revalued in the earlier
assessment year
hereunder. The company has revalued its investments based on the
revaluation of intangible assets/business by NSI Infinium Global P Ltd. Due
to this reasons ... ICAI on Availability
of Revaluation Reserve for issue of Bonus shares, the guidance note is
regarding revaluation of fixed assets and not for investments. Even
revaluation of assets has been made
by the firm of its assets. The appellant is a partner in this firm and no
revaluation of assets ... case of a person in whose own case revaluation of assets have
been made and not in case of some other person. Besides this, even
assets within the ambit of plant and machinery and the AO was also
not correct in considering the book value of the assets after
revaluation ... assets
have been revalued during the F.Y., then the amount enhanced by
revaluation of assets has to be excluded for the purpose of commuting
shares of Rs.10/- each.
8. The assessee after revaluing the asset at
Rs.1,16,40,000/- credited the partners' capital account ... assets and liabilities have been
owned by the company, hence there is no capital gain.
Secondly, since the assets have been revalued in the hands
assets. On March 31, 2008 the said land
and building were revalued. Such revaluation was said to have been made in order to reflect ... Soft Zone, of which the assessee company was a partner, had revalued its assets during the
year ended with 31.3.2008 and transferred the Revaluation profit
total assets' by providing that in case of depreciable
assets it shall be the written down value of block of assets determined ... market value and correspondingly creating revaluation
reserve in the balance sheet. Since the revalued figure of the assets
cannot be construed as the cost
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 of
any asset,
(j) the amount standing in revaluation reserve relating to revalued asset on the
retirement or disposal of such asset
