Contingent liability and unjust enrichment
This query is : Resolved
Praveen Nigam
(Querist)
19 May 2013
we have lost a case in CESTAT and not the case is pending before high court. Now our auditors are saying the we should not show this under contingent but should make provision in the books of accounts because we have lost the case in CESTAT. Now, if we provide this in the books, whether later on our claim can be rejected by invoking unjust enrichment clause or not. Please clarify.
Madhukar N Hiregange
(Expert)
20 May 2013
Not likely as the accounting is based on conservative norms. The notes to accounts can clarify the provision.
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