In 2018, we had given Inter corporate deposit (ICD) to Target Company and then subsequenbtly made outright putchased that company. Currently, this advances is appearring under "Other Advances" in our books of accounts.
In 2024, we (acquirer) would like to set off this ICD from our profit.
Is it permissible under IT Act and IAS?
What is the way out"
Kindly guide
Set off against Deposit Amount ???....no, this is not possible .....................
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
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S.B.G. & CO. CHARTERED ACCOUNTANTS
New Delhi
CA Inter
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Varma Raja & Associates
Thrissur
CA Inter
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AJAY SINGH AND CO LLP
Thane
CA Final
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CCI
Pro
CAclubindia
