Deferred tax

Hi,

The following trial balance relates to Keystone at 30 September 2011:

Leased property – at cost (note (ii)) 50,000
Accumulated amortisation/depreciation at 1 October 2010
– leased property 10,000

Deferred tax (note (vi)) 2,700

The directors decided to revalue the leased property in line with recent increases in market values. On 1 October 2010 an independent surveyor valued the leased property at $48 million, which the directors have accepted.
The leased property was being amortised over an original life of 20 years which has not changed. Keystone does not make a transfer to retained earnings in respect of excess amortisation. The revaluation gain will create a deferred tax liability (see note (vi)).

(vi) A provision for income tax for the year ended 30 September 2011 of $24·3 million is required. At 30 September 2011, the tax base of Keystone’s net assets was $15 million less than their carrying amounts. This excludes the effects of the revaluation of the leased property. The income tax rate of Keystone is 30%.

the answer is :
Deferred tax
Provision required at 30 September 2011 ((15,000 + 8,000) x 30%) 6,900
Provision at 1 October 2010 (2,700)
–––––––
Increase required 4,200
Transferred from revaluation reserve (w (iv)) (2,400)
–––––––
Balance: charge to income statement 1,800
–––––––

The question is:
the tax on the gain of 2,400 (8,000 × 30%) , added at the first line, then deducted at the last line, ultimately, the result as if there was no revaluation gain tax !!