Contingent Liability
This query is : Resolved
Ashish Aggarwal
(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?
Is there a need to show the amount in contingent liability?
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.
10 April 2009
yes
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.
P.S. department per se has habit to go to appeal all the matters.
10 April 2009
Nice answered by Ashish
Ashish Aggarwal
(Querist)
10 April 2009
Hi am still waiting for reply, please
Ashish Aggarwal
(Querist)
10 April 2009
why not?
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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