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Book Profit from revaluation of fixed assets

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(Querist)
25 November 2008 Whether book profit earned from revaluation of fixed assets will be taxable or exempt. Please suggest with section details.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
25 November 2008 Notional profits are not taxable.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
25 November 2008 Notional profits are not taxable.
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Mani VGS

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Mani VGS (Expert)
25 November 2008 There is no real cash inflow. Refer section 2(24) for the definition of income.

So it is not taxable.

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