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TMI BlogMethod of Valuation of Assets and Liability for the purposes of section 115TD(2) - [ Rule 17CB ]X X X X Extracts X X X X X X X X Extracts X X X X ..... iv) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; (v) any amount representing provision for taxation, other than amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of income-tax claimed as refund under the Act, to the extent of the excess over the income-tax payable with reference to the income in accordance with the law applicable thereto. [ Sub Rule 17CB ] V alue of the Total Assets The aggregate fair market value of the total assets of the specified person, shall be the aggregate of the fair market value of all the assets in the balance sheet as reduced by - (i) any amount of income-tax paid as deduction or collection at source ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) any amount shown in the balance sheet as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset; B = fair market value of bullion, jewellery, precious stone, artistic work, shares, securities and immovable property as determined in the manner provided in this rule; L= book value of liabilities shown in the balance sheet, but not including the following amounts, namely:- (i) representing contingent liabilities other than arrears of dividends payable in respect of the paid-up capital in respect of equity shares; (ii) the amount set apart for payment of dividends on preference shares and equity shares; (iii) reserves and surplus, by whatever name called, even if the resulting figure is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... manner provided in sub-clause (b) of clause (I) of rule 17CB(2). (IV) The fair market value of any asset , other than those referred to in clauses (I), (II) and (III), shall be the price that the asset shall ordinarily fetch if sold in the open market on the specified date on the basis of valuation report from a registered valuer: In case no valuer is registered for valuation of such assets, the valuation report shall be obtained from a valuer who is a member of any one of the professional valuer bodies viz. Institution of Valuers, Institution of Surveyors (Valuation Branch), Institution of Government Approved Valuers, Practicing Valuers Association of India, The Indian Institution of Valuers, Centre for Valuation Studies, Research and Trai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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