Write off long term investment
This query is : Resolved
14 July 2012
Hi
Or is pvt ltd company. two years back company invested in us based company in 2008 through swap of shares but investment doesn't come out positive so company write off 41 crores in 2010.Kindly advise what compliance need to be done in company law as well income tax. Can a long term investment write off within 2 years ? Kinldy provide the detailed note if anybody have with act & section.
2. In case company failed to complaince with AS-13 how ot can effect the balancesheet or write off of that particular investment.
Or is pvt ltd company. two years back company invested in us based company in 2008 through swap of shares but investment doesn't come out positive so company write off 41 crores in 2010.Kindly advise what compliance need to be done in company law as well income tax. Can a long term investment write off within 2 years ? Kinldy provide the detailed note if anybody have with act & section.
2. In case company failed to complaince with AS-13 how ot can effect the balancesheet or write off of that particular investment.
CA Lokesh Pokharna
(Expert)
14 July 2012
long term investment can't be w/off untill there is certain that there has been permanent reduction in invested value,, but if it's a temporary reduction then it cant be w/off.......
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