Write off carried forward losses against revaluation reserve

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2010 Hi,

Is it possible to write off carried forward losses against revaluation reserve with HC order?

If yes, which AS speaks about it?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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09 June 2010 As per guidance note issued by the ICAI the revaluation reserve cannot be adjusted to write off carried forward losses.

however cannot comment if there is a High COurt order for the same. If HC order is there then i think u can set off.