Revaluation adjustment requires adjusting asset cost and depreciation where prior years were not assessed, aligning book figures with taxable depreciation. The amendment provides that where an assessee was not required to compute total income for prior years, the asset's actual cost shall be adjusted by ... Summary
Revaluation adjustment requires adjusting asset cost and depreciation where prior years were not assessed, aligning book figures with taxable depreciation.
The amendment provides that where an assessee was not required to compute total income for prior years, the asset's actual cost shall be adjusted by amounts due to book revaluation; depreciation recorded in the books for such prior years shall be deemed to be the depreciation actually allowed under the Act; and the depreciation actually allowed shall be adjusted to exclude the portion attributable to the revaluation.
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