Indian parent cum holding co has rejected supply of its USA based Wholly owned subsidiary on specs issue and will get back purchase prices.
What accounting, tax, customs disclosure issues are involved
Please guide
Jayanta
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Foreign PO..SUPPLY REJECTION
Replies (2)
Let the PO be outstanding and disclose the cause if it is filing time. Or else, no need to do anything.
If you received your advance back, record it.
Rejected means kept in waiting, cancelled means, you have derecognise purchases
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