https://www.taxtmi.com/forum/issue?id=117681 Whether advances to contractors are loans or adjustable advances is queried. The company treats mobilization advances as recoverable by deduction from contractor bills, with TDS deducted, and argues no separate board resolution is needed because the projects were board-approved. The question asks if such advances can be classified as loans and which provision requires a formal board resolution for granting them. en-us Tue, 07 Dec 2021 17:42:55 +0530 Thu, 23 Jan 2025 15:54:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=117681 Whether advances to contractors are loans or adjustable advances is queried. The company treats mobilization advances as recoverable by deduction from contractor bills, with TDS deducted, and argues no separate board resolution is needed because the projects were board-approved. The question asks if such advances can be classified as loans and which provision requires a formal board resolution for granting them. Discussion-Forum Companies Law Tue, 07 Dec 2021 17:42:55 +0530 https://www.taxtmi.com/forum/issue?id=117681