Contingent liablity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2013
CESTAT has set aside the order of demand 85 laca and asked to predeposit 10 lacs and remanded case back to adjuticating authority.
can we have to disclose contingent liabilty.
Note..currently 85 lacs has been disclosed as contingent liablity in notes to accounts
can we have to disclose contingent liabilty.
Note..currently 85 lacs has been disclosed as contingent liablity in notes to accounts
Aditya Maheshwari
(Expert)
26 December 2013
If the CESTAT has set aside the order via a speaking order then the additions as made are as good as not there and are sent back to AO for fresh consideration and hence the same should not be liable to be disclosed under contingent liability.
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