What is the tax implication under Income Tax Act, 1961 while winding up a company, if the unsecured loan from directors is set off with accumulated losses and by transferring fixed assets? Is it allowed as per Companies Act, 2013?
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Writing off unsecured loan from directors
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Need to look at full Balance Sheet, as there is specific series defined by Companies Act for paying off to all stakeholders when Winding up a company
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