Can anyone please tel me full detail of free reserve under section 372A?
And also let me know if there is negative P&L balance then it would be set off against the researve & surplus of not.
Thanks & Regards
Manish Goel
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Free reserve under Section 372A
Replies (1)
As per Sec 372A, free reserves includes all reserves except reserves which are set aside for specific purposes like Revaluation reserves etc.
P/L debit balance is not required to be set off
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