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 .....................
Kothari Jain Patil & Chartered Accountants
Pune
CA Inter
View Details
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
CA Suraj Garg & Associates
New Delhi
CA Final
View Details
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
Hema Yashwanth & Associates
Chennai
B.Com
View Details
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
CCI
Pro
CAclubindia
