AS - 18
This query is : Resolved
15 August 2010
In case of Pvt. Ltd Company, suppose loans outstanding in preceding year i.e on 31.03.2009 is more than 10 Crore. However at the end of previous year i.e on 31.03.2010 loan outstanding is 8 Crore. Please suggest whether the company qualify for exemption under AS -18 in the previous year 09-10 for the related party transaction.
15 August 2010
Words used there in is 'at any time during the year'. Here as on 01/4/2009 the borrowings > Rs.10/- crores. Therefore, AS 18 is applicable during the financial year 2009-10.
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