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'. |
