- (1.) Leave granted. Facts
(2.) Assessee is a widely held quoted limited company and is engaged in the business of manufacture of yarn and polyester.
(3.) During the previous year ending 31.3.2000 relevant to the assessment year 2000-01, fixed assets were revalued resulting in increase in the net book value of such assets by Rs.288,58,19,000/-, which was credited to the revaluation reserve. Consequently, the balance sheet for the preceding assessment year, resulted in enhancement of cost of fixed assets by the said amount with corresponding credit to revaluation reserve.;