Tag Archives: Revaluation

Depreciation on revalued assets allowed to successor if same was allowed to predecessor

By | January 27, 2016
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IN THE ITAT MUMBAI BENCH ‘E’ Deputy Commissioner of Income-tax-7 (2), Mumbai v. Suyash Laboratories Ltd. N.K. BILLAIYA, ACCOUNTANT MEMBER AND SANJAY GARG, JUDICIAL MEMBER IT APPEAL NOS. 4003 & 4004 (MUM.) OF 2012 [ASSESSMENT YEARS 2005-06 & 2006-07] OCTOBER  14, 2015 Premanand J. for the Appellant. Vijay Mehta for the Respondent. ORDER N.K. Billaiya,… Read More »

Revaluation gain loss to be adjusted with book value of Individual Assets

By | November 25, 2015
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A company (ABC Ltd.) is engaged in the business of manufacturing of packing materials. It owns heavy plant & machineries and other fixed assets. Recently it has revalued its fixed assets and adjusted the resulted gain or loss with total book value of fixed assets, instead of book value of individual asset. Whether accounting treatment… Read More »