Net Worth - Definition / Legal Terminology - Income Tax

Explanation 1 .- For the purposes of section 50B of the Income tax Act 1961, Net worth - shall be the aggregate value of total assets of the undertaking or division as reduced by the value of liabilities of such undertaking or division as appearing in its books of account: Provided that any change in the value of assets on account of revaluation of assets shall be ignored for the purposes of computing the net worth.