Rule 56: For the purposes of this rule and rule 57,— (a) "balance sheet", in relation to any company, means,—

Bare law

Rule 56 - For the purposes of this rule and rule 57,— (a) "balance sheet", in relation to any company, means,— (i) in relation to an Indian company, the balance sheet of such company (including the notes annexed thereto and forming part of the accounts) as dra

56. For the purposes of this rule and rule 57,— (a) "balance sheet", in relation to any company, means,— (i) in relation to an Indian company, the balance sheet of such company (including the notes annexed thereto and forming part of the accounts) as drawn up on the valuation date which has been audited by the auditor of the company appointed under the laws relating to companies in force; and (ii) in relation to a company, not being an Indian company, the balance sheet of the company (including

Sl. No. Section Valuation date

A B C

1 Section 92 Date on which property or consideration, as the case may be, referred to in section 92 is received by the assessee.

2 Section 79 Date on which the capital asset, being share of a company other than a quoted share, referred to in section 79, is transferred.

3 Section 26(2) (j) Date on which the inventory is converted, or treated, as a capital asset.

Determination of fair market value.

Rule breakdown

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