x Provisions, Contingent Liabilities and Contingent Assets
Provisions and Contingent Liability: The Company recognises a provision when there is a present obligation
as a result of a past event that probably requires an outflow of resources and a reliable estimate can be
made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not, require outflow of resources. Where there is
a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision
or disclosure is made. Continegent Assets are neither recognized nor disclosed in the financial statements
16 Income tax department have raised g. 3,80,360/- for AY 2001-02 and g. 4,12,659/- for AY 2002-03 which are
not disputed by the company. Against these the department, the matter has remained unresolved.liabilities
the payment of tax and refund of Income Tax aggregating to g 9,22,934/- has remained unadjusted despite
consistant efforts with the department.
17 At the time of proceedings( Dena Bank Case) before Hon'ble High Court at Mumbai the Company was required
to deposit a sum of g.10.00 lacs to the Hon'ble High Court as per their order which was made. The High court has
placed this amount as Fixed Deposit with Bank of Baroda. The company has recognised the Income on same
in the accounts.
18 Segmental Reporting
Considering the activity of the company during year and with the objective of the Accounting Standards 17, the
company is having only consultancy services therefore there is no other reportable primary business segment
information.
19 Related party disclosures
The particulars of related parties, as certified by the management, together with the transactions during the
year and related balances as on 31st March, 2025 are as under:
21 Deferred tax
The break up of net deferred tax asset as on 31st March, 2022 is g 8,975/- mainly representing Unabsorbed
Business Loss & Depreciation. Due to uncertainty of future profits in terms of Accounting standard 22, the
company has not recognised additional deferred assets during the year. The balance brought forward g
8,975/- has been carried over.Difference between WDV as per books and Income tax
23 Figures of the previous year are re-grouped / re-arranged to make them comparable with the figures of the
the year under review
As per our report attached of even date For and on behalf of the board
FOR H G SARVAIYA & CO
Chartered Accountants
Firm Reg No. 115705W
HASMUKHBHAI G SARVAIYA Milan Dalal Devanshu Desai
Proprietor Director Whole Time Director
Mem No.045038 DIN:00062453 DIN:00493980
Place : Mumbai Shreekant Kudtarkar Mangesh Shirodkar
Dated : May 05, 2025 Compant Secretary Chief Financial Officer
Dated : May 05, 2025
Place: Mumbai
x Provisions, Contingent Liabilities and Contingent Assets
Provisions and Contingent Liability: The Company recognises a provision when there is a present obligation
as a result of a past event that probably requires an outflow of resources and a reliable estimate can be
made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not, require outflow of resources. Where there is
a possible obligation or a present obligation and the likelihood of outflow of resources is remote, no provision
or disclosure is made. Continegent Assets are neither recognized nor disclosed in the financial statements
16 Income tax department have raised g. 3,80,360/- for AY 2001-02 and g. 4,12,659/- for AY 2002-03 which are
not disputed by the company. Against these the department, the matter has remained unresolved.liabilities
the payment of tax and refund of Income Tax aggregating to g 9,22,934/- has remained unadjusted despite
consistant efforts with the department.
17 At the time of proceedings( Dena Bank Case) before Hon'ble High Court at Mumbai the Company was required
to deposit a sum of g.10.00 lacs to the Hon'ble High Court as per their order which was made. The High court has
placed this amount as Fixed Deposit with Bank of Baroda. The company has recognised the Income on same
in the accounts.
18 Segmental Reporting
Considering the activity of the company during year and with the objective of the Accounting Standards 17, the
company is having only consultancy services therefore there is no other reportable primary business segment
information.
19 Related party disclosures
The particulars of related parties, as certified by the management, together with the transactions during the
year and related balances as on 31st March, 2025 are as under:
21 Deferred tax
The break up of net deferred tax asset as on 31st March, 2022 is g 8,975/- mainly representing Unabsorbed
Business Loss & Depreciation. Due to uncertainty of future profits in terms of Accounting standard 22, the
company has not recognised additional deferred assets during the year. The balance brought forward g
8,975/- has been carried over.Difference between WDV as per books and Income tax
23 Figures of the previous year are re-grouped / re-arranged to make them comparable with the figures of the
the year under review
As per our report attached of even date For and on behalf of the board
FOR H G SARVAIYA & CO
Chartered Accountants
Firm Reg No. 115705W
HASMUKHBHAI G SARVAIYA Milan Dalal Devanshu Desai
Proprietor Director Whole Time Director
Mem No.045038 DIN:00062453 DIN:00493980
Place : Mumbai Shreekant Kudtarkar Mangesh Shirodkar
Dated : May 05, 2025 Compant Secretary Chief Financial Officer
Dated : May 05, 2025
Place: Mumbai
| 