1. Is liability write back allowed in case of binding up of receivable company ?
if yes then please let me know the standard ?
2. Is there in requirement of evidence that now you have not to paid anything because company is not existence.
please clarify ....it's urgent
If you are writing off any liability management approval is required and existing condition is required.
If conditions speaks for write - off, write - off and if any liability is raised further it will be reduced in future year income.
CAclubindia
