Valuation of industrial assets - market-value for individual items; aggregate balance-sheet valuation allowed with officer discretion. Assets of an industrial undertaking are valued either individually at open-market prices (cash excluded and added separately) or, if regular business accounts are maintained, the assessing officer may value the assets collectively by reference to the undertaking's balance sheet on the valuation date, applying prescribed statutory adjustments and the officer's discretion to reconcile accounts with valuation requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Valuation of industrial assets - market-value for individual items; aggregate balance-sheet valuation allowed with officer discretion.
Assets of an industrial undertaking are valued either individually at open-market prices (cash excluded and added separately) or, if regular business accounts are maintained, the assessing officer may value the assets collectively by reference to the undertaking's balance sheet on the valuation date, applying prescribed statutory adjustments and the officer's discretion to reconcile accounts with valuation requirements.
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