Clause 97 - Computation of the value of gross assets - Direct Taxes Code Bill, 2009

CHAPTER - V COMPUTATION OF THE VALUE OF GROSS ASSETS Computation of the value of gross assets 97. (1) The value of gross assets referred to in Paragraph A of The Second Schedule shall, subject to the provisions of this Chapter, be computed in accordance with the formula - A+B+C-D-E Where A = the value of the gross block of fixed assets of the company as on the close of the financial year; B = the value of the capital work in progress of the company as on the close of the financial year; C = the book value of all other assets of the company as on the close of the financial year; D = the accumulated depreciation on the value of the gross block of fixed assets, claimed up to the last day of the relevant financial year; E = the amount of debit balance of profit and loss account, if included in the amount 'C'.