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Contingent liabilities

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(Querist)
15 December 2016 1. We got notice from tds ward for defaulting late payment, short payment etc. Should I shown this tds default amount in contingency liability in the audited financial statement?
2. we also got service tax notice for disputes. we now go for appeal. Should I shown this amount as contingency liability or not?
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Amol S Joglekar

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Amol S Joglekar (Expert)
15 December 2016 yes, do show it as contingent liability.
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CA Suresh Jain

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CA Suresh Jain (Expert)
15 December 2016 If you agree with the demand then better to show it as Outstanding Liability
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