2 NOTES TO THE ACCOUNTS
1 The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary.
2 All the investments made by the company are valued at Cost .
3 Managerial Remuneration: 336,000
4 The Company does not have any inventory as at 31.03.2016.
2.5 Deferred tax arising on account of timing difference and which are capable of reversal in one or more subsequent periods is recognized using the tax rates and tax laws that have been enacted or substantively enacted. Deferred tax assets are recognized unless there is virtual certainty with respect to the reversal of the same in future years.
5 All schedules annexed to and from integral part of the Balance Sheet and Profit & Loss Account.
6 Minimum Alternative Tax (MAT) is recognized as an asset only when and to the extent there is convicting evidence that the company will pay normal income tax during the specified period. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there is no longer convicting evidence to the effect that company will pay normal Income Tax during the specified period.
7 Contingent Liability not provided for:
Income tax matters in dispute/under Appeal:
The Income Tax assessment for the company have been completed up to the financial year ended 31st March 2012, arising from the completed assessment there is net demand of Rs. 2,11,71,420 (excluding interest). The company have gone on further appeal on this matter. Due to pending progress in appeal, the liability for the demand has not been recognized in the accounts.
Notes referred to above and notes attached there to form an integral part of Profit & Loss Statement
| 