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
CAclubindia
