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Demand

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(Querist)
06 August 2016 Sir, I wanted to know about the accounting traetment of statutory demands raised by the income tax or sales tax department against which an appeal has been filed by the company. As of now as we have a proof of demand being raised shall it be recorded as liability or on the basis of doubt it should be recorded as contingent liability ??
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 August 2016 Record it under contingent liability.
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