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Disclosure of sale of fixed assets to related parties

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(Querist)
21 June 2013 Dear Expert,

A company has sold certain fixed assets of the Company to one of their director.

Is there any requirement to disclose the said transaction in Notes to the Accounts or in Audit Report.

Rgds.

Mohan Saxena
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Rupesh Jain

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Rupesh Jain (Expert)
21 June 2013 yes, relatated party disclor under company act

and also under income tax act

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