08 August 2008
CAN U HELP ME IN THE FOLLOWING MATTER:-
A COMPANY X WAS INCORPORATED IN 1970 AND CLOSED ITS OPERATIONS IN 2001 DUE TO LABOUR STRIKE.
IT WAS REINSTATED IN 2008 WITH THE HELP OF BIFR AND THEN A NEW COMPANY Y WAS MADE WHICH WAS SUBSIDIARY OF COMPANY X AND FIXED ASSETS OF RS 150 CRORES WAS TRANSFERRED TO COMPANY Y BY COMPANY X AT INCOME TAX WDV
CAN U SUGGEST WHICH ACCOUNTING STANDARDS WILL BE APPLICABLE AND HOW AS-10 WILL DEAL WITH THIS ISSUE?
CAclubindia
