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Sale of motor car to director

This query is : Resolved 
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(Querist)
09 October 2015 What Procedures should be followed in case of Motor Car (Assets) transfer to Director and amount of transfer adjusted against deposit held by Directors ?
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CA. Chikkerur C R

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CA. Chikkerur C R (Expert)
09 October 2015 With regards to Income tax - It is reduction of Block of assets. With regards to company act- Pass board resolution. Amount is substantial - Go for EGM approval. Disclose it
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