Block of Asset Method+Depreciation+Revaluation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 November 2010
What will be the effect of upward revaluation of fixed asset while preparing Income tax depreciation schedule under block of asset method? Whether the upward revaluation amount can be added to the opening WDV during the year?
23 November 2010
No effect of upward revaluation will be considered in the depreciation. Only such addition for which there is a monetary consideration is payable and through which a new asset is coming in the business is considered.
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