Jayanta Bandyopadhyay (310 Points)
29 August 2024In 2018, we had given Inter corporate deposit (ICD) to Target Company and then subsequenbtly made outright putchased that company. Currently, this advances is appearring under "Other Advances" in our books of accounts.
In 2024, we (acquirer) would like to set off this ICD from our profit.
Is it permissible under IT Act and IAS?
What is the way out"
Kindly guide
NARENDRA
(ACCOUNTS MANAGER)
(1994 Points)
Replied 30 August 2024
Set off against Deposit Amount ???....no, this is not possible .....................
CAclubindia
