sir, i am working in a state electricity board. as a first step to corporatise the board, the assets and liabilities are taken over by the state government at the value appears in the latest balance sheet of board. the board has never revalued the assets since its formation, that means the asset value doesnot reflect the actual 'revenue earning ' potential of the assets. the government plans to handover the assets and liabilities of board to a newly formed company registered under companies act,1956.
my question are as follows 1. whether the government can make revaluation of assets? 2. if yes, whether capital gain tax is applicable to government as transfer to new company amounts to sale? 3. General question - are state governments liable to pay income tax and other central goverment taxes? --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Skorydov MyTaxAssistant Member Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/SkorydovMyTaxAssistant?hl=en -~----------~----~----~----~------~----~------~--~---
