Dear Friends,
A Indian company imports spares from a company in US. Before the Indian company could make the payment against imports after the mutually agreed credit period, the US company is sold/merged.There is no claim from the merged entity till date. Further the identity of the merged company is not known. All subsequent communications to the US company remain unanswered. The unpaid import outstandings are over 3 years old as on 31.03.2012. Can the Indian company write back the amount in its books. Being an outstanding against imports, what kind of compliance is required from the Indian company before the write back of the outstandings in the books of account?
CAclubindia
