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Contingent Liability

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(Querist)
10 April 2009 Suppose a company has won case in CIT appeals and ITAT and department has gone in appeal in High Court.
Is there a need to show the amount in contingent liability?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
10 April 2009 Yes. You have to provide short details such as year - case details in short form - liability which may arise if the case is in favour of the department.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
10 April 2009 yes
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Ashish Aggarwal

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Ashish Aggarwal (Querist)
10 April 2009 As per AS-29 para 15(b) where there is remote chance of economic outflow there is no need to show contingent liability. Company has won all the case till tribunal. In that light does Company need to show contingent liability?

P.S. department per se has habit to go to appeal all the matters.
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
10 April 2009 Nice answered by Ashish
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Ashish Aggarwal

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Ashish Aggarwal (Querist)
10 April 2009 Hi am still waiting for reply, please
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Ravi S.

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Ravi S. (Expert)
10 April 2009 you need not show it as contingent liability
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Ashish Aggarwal

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Ashish Aggarwal (Querist)
10 April 2009 why not?
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Ravi S.

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Ravi S. (Expert)
10 April 2009 as per ur clause only...since u have won the case and appeal is made against u u need not provide it as contingent liability
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