The company is having loan from foreign directors and also accumulated losses. Can they be set off against each other? What are the implications with respect to Companies Act, Income Tax Act?
3 Replies
parag gudhka
(CA)
(136 Points)
Replied 28 December 2013
The company has an understanding with the directors that the foreign directors shall pay for the losses. Hence, I am asking for such set off.
Is there any alternative remedy for the company.
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