Revaluation of assets
This query is : Resolved
pushpendra rakwar
(Querist)
02 December 2011
At the time of conversion of proprietory firms into Private Company. A profit derived from revaluation of Assets can be used against set off of Losses arises for the business of Proprietory firm.
CA Mahesh Vekariya
(Expert)
02 December 2011
Dear Pushpendra,
As per Guidance note on "Revaluation Reserve created from revaluation of Asset". Set off is not allowed.
As per Guidance note on "Revaluation Reserve created from revaluation of Asset". Set off is not allowed.
02 December 2011
Yes appreciated the answer.
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