Rule 189: value of all the assets in the balance sheet, as reduced by—

Bare law

Rule 189 - value of all the assets in the balance sheet, as reduced by—

189. (1) For the purposes of section 352(2), 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— (a) tax paid; and (b) any amount shown as asset including the unamortised amount of deferred expenditure which does not represent the value of any asset. (2) For the purpose of sub-rule (1), the fair market value of the asset shall be determined in the following manner: — (I

(d) any amount representing provisions made for meeting liabilities, other than ascertained liabilities; or (e) any amount representing provision for taxation, other than tax paid, to the extent of the excess over the income-tax payable with reference to the income in accordance with the law applicable thereto. (4) For the purposes of this rule, — (a) "accountant" shall have the meaning assigned to it in section 515(3)(b); (b) "balance sheet" in relation to any specified person, means the balanc

Furnishing of statement of particulars in respect of donation and certificate to donor under section 354(1).

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