Write Back of advances received to P&L account
This query is : Resolved
12 July 2010
A company having no other source of income writes back advance received from landlords? So is it taxable income? Will it be liable to pay income tax? Can the company write back the profit to reserve account instead of P&L account and claim it as non taxable?
12 July 2010
It is taxable and an assessee has to pay tax on that.
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