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We have Share Application Money received during F.Y.2012-13 on Varoius Dates from Various Parties, Pls guide me through the implication of Income Tax Rule 11UA, in regard of valuation date and Balance sheet. My Question is as to whether we are required to compute values for issue of Addtional Share Capital on Differnet Dates as pe varoius Balance Sheets or we can rely on Audited Balance Sheet as on 31.03.2012
(A) As per Rule 11UA "Balance Sheet" in relation to any company means:
(i) for the purposes of sub-rule (2) of rule 11UA, 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 section 224 of the Companies Act, 1956 (1 of 1956) and where the balance-sheet on the valuation date is not drawn up, the balance-sheet (including the notes annexed thereto and forming part of the accounts) drawn up as on a date immediately preceding the valuation date which has been approved and adopted in the annual general meeting of the shareholders of the company; and
(ii) in any other case, 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 appointed under section 224 of the Companies Act, 1956 (1 of 1956);’;
(B) for clause (j), the following clause shall be substituted, namely:- ‘(j) "valuation date" means the date on which the property or consideration, as the case may be, is received by the assessee.’.
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