Non Accounting of some Transactions
This query is : Resolved
10 July 2007
sir,
What are the likely Risk Implications for a Company when The Income earned from sale of scrap is not accounted.
Thanking You,
Madhu.
What are the likely Risk Implications for a Company when The Income earned from sale of scrap is not accounted.
Thanking You,
Madhu.
11 July 2007
IT IS CONCEALMENT OF INCOME AS PER INCOME TAX LAW INFLATING THE INPUT COST FINALLY UN DUE HIGHER COST OF PRODUCTION. NON COMPLAINCE OF THE OF COST/FINANACIAL AUDIT NORMS/STANDARDS.
S.K.GUPTA
S.K.GUPTA
11 July 2007
It is also a matter of bad corporate givernance, shows or would compel for a weak internal control apart from the leagl consequences of Income Tax, VAT,Audit
11 July 2007
The provisions of the companies Act relating to maintenance of accounts viz 209 is violated resulting in the accounts prepared will not show the true and fair and corresponding consequences will arise. Further the responsibility statement given by the directors would become false resulting in initiation of penal actions.
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