Tax implication on revaluation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2014 fixed assets A/C DR.
TO p& l account
(being fixed assets are revalued at the fair value and amt tr to p & l a/c .

in partner Ship FIRM , IS ABOVE TRANSACTION FALLS UNDER Tax implication ?

pl support with explanation on above query

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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30 March 2014 Revaluation is neither taxed nor it is treated as income or loss. While computing this profit or loss is to be excluded as depreciation is allowed only on written down value method.