TMI BlogBoard resolution for Trade/Mobilization AdvancesX X X X Extracts X X X X X X X X Extracts X X X X ..... An unlisted public company which has given mobilization advances to its contractors for various ongoing projects, which is subsequently deducted from the amounts payable to the contractor. I would li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ke to mention that there is separate criteria for approving a contractor's request for such advance and deciding the amount to be advanced, where only the upper ceiling limit has been decided upon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the contract. The company is deducts TDS on such payments under Income tax. Now, the company denies this to be a loan and also states that no separate board resolutions are required for granting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such amounts. The company argues that since the project itself has been approved in board meetings, there is no further requirement for board resolutions for granting such advances. Can this be clas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sified as a loan? Is the companies' contention to treat this as an adjustable advance is correct, which section mandates passing of a formal board resolution in a meeting? - Board resolution fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Trade/Mobilization Advances - Query Started By: - satbir singhwahi Dated:- 7-12-2021 Corporate Laws / SEBI / LLP - Companies Law - Discussion Forum - Knowledge Sharing, reply post by an expert, pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsonal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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