Re-valuation of assets in books do not lead to income generation

IN THE ITAT DELHI Moving Picture Company India Ltd. v/s. Assistant Commissioner of Income-tax IT Appeal No. 210 (Delhi) of 2011 [Assessment Year 2007-08] MARCH 16, 2012 ORDER K.G. Bansal, Accountant Member  The assessee has taken up five grounds in this appeal. Ground no. 4 is that the learned AO erred in not correctly computing the brought forward loss and unabsorbed depreciation. This ground has not been pressed by the ld. counsel as the computation can be corrected by the AO u/s 154 of the Income-tax Act, 1961. Ground no. 5 is residuary in nature. No fresh ground has bee...