A company had revalued its asset twice (1983-84 & in 2006), can it revaluate its fixed assets again in 2008 and reflect the revised value in its accounts within the provisions of Laws applicable.
Please give your comments on the ’Legality of Revaluation of Fixed Assets ', with specific reference to:
1) Provisions of Companies Act, 1956
2) Income Tax Act, 1961
3) Any other law for the time being in force.
The company is a sick industrial company. Will the provisions of Sick Industrial Companies Act affect the re-valuation of assets.
CAclubindia
