As per Companies Act, 1956 is it mandatory to records the bad debts write off in Audit /Board minutes of a Public Listed Co. In such case, which section should I refer to. Pl clarify
01 September 2010
It is not mandatory but recommendatory to record bad debts writeoff as well as provisions for bad debts in board meeting approving the accounts.
This would also be useful in the Income tax assessments.
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