A company got fire accident and lost all its assets i.e. 100% destroyed by fire on 18.12.2011.
On 31.03.2011 the company showing around Rs 28 lacs as differed tax liability.
The company submitted the relevant documents to the insurance company but not yet get any information regarding claim.
Now the company has to close the books on 31.03.2012 please give me accounting treatment of differed tax liability in the books of accounts.
Please also give me the income tax treatment
CAclubindia
