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
revaluation
of capital asset unless the capital asset is also transferred. It is
submitted that whenever an asset is revalued, even as per the
accounting ... revaluation of the capital assets unless capital assets
is also transferred. According to the assessee, the amount credited on
revaluation to the capital accounts
ignoring the provisions of the Act to
exclude the diminution in revaluation of assets, assessee cannot
be allowed to claim ... loss on revaluation of fixed assets
whether called diminution/depreciation in revalued assets or by
any other name for the purpose of computation of taxable
value of Tangible Assets before
revaluation of Rs.15,08,27,949 instead of the revalued Tangible Assets ... intangible assets)
Net assets taken over (assets -
liabilities) (excluding intangible assets)
50,08,34,232
Assets (1+3+4) (Tangible assets before
Revaluation
that the partnership firm M/S. Salapuria Soft
Zone had revalued its assets and transferred the revalued reserve to its
partners' account ... inventory could
only be shown at its costs. The revaluation of the asset by the firm was
justified by contending that it was to bring
Crores was paid towards the
building so as to consider the revalued asset for the purpose of
depreciation. Therefore excess claim of depreciation amounting ... assets in the books of the firm as on the date of transfer of the assets and
liabilities to the Assessee. Since building was revalued
value of
any asset,
(j) the amount standing in revaluation reserve relating to revalued asset on the
retirement or disposal of such asset ... profit and loss account (excluding
the depreciation on account of revaluation of assets); or
(iib) the amount withdrawn from revaluation reserve and credited
term 'Total
Assets' means 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.
(c) An amount equal to ½ % of the average of the value of investment, income
from which does
partnership firm were revalued-It was contention of revenue that assets
were actually revalued before 1-4-2011 and value of assets was much
higher ... order of assessment computing
capital gains on basis of revalued value of assets Tribunal held that
assessment had to be done on basis of value
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
