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Contingent liabilitity

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(Querist)
24 June 2015 what is Contingent Liabilitity Where it shows?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
24 June 2015 contingent liability means a liability that may arise in future due to certain events that may have happened in past.

for eg...the negative outcome of a existing case law.

they are shown in the footnotes of the financial statments
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