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Revaluation of assets

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(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.
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CA Mahesh Vekariya

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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.
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CS, Deepak Pratap Singh

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CS, Deepak Pratap Singh (Expert)
02 December 2011 Yes appreciated the answer.




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