Write off carried forward losses against revaluation reserve
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2010
Hi,
Is it possible to write off carried forward losses against revaluation reserve with HC order?
If yes, which AS speaks about it?
Is it possible to write off carried forward losses against revaluation reserve with HC order?
If yes, which AS speaks about it?
Aditya Maheshwari
(Expert)
09 June 2010
As per guidance note issued by the ICAI the revaluation reserve cannot be adjusted to write off carried forward losses.
however cannot comment if there is a High COurt order for the same. If HC order is there then i think u can set off.
however cannot comment if there is a High COurt order for the same. If HC order is there then i think u can set off.
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