Income tax demand has been set aside by order of CIT appeals. Whether the company still show it as contingent liability simply because the department can go in appeal against the order in appeals of CIT.
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CONTINGENT LIABILITY- RECOGNITION
Replies (5)
Quick Summary
Probable = provide
possible = disclose
Remote = don’t disclose.
this provisions is a general matter based on past experiences. I believe it’s your 1st experience. So it’s remote.
I have finished off my preliminary investigation about this situàtion and since standards are helping with the past experiences, we can conclud3
If your provisioning by yourself make it remote cause you don't experiençe about the outcome
If your having a fraud lawyer, forget the whole thing. If you have a valid lawyer, his advise can act like a technical knowhow and he becomes a related party who has significant influence in management decission at this moment. You can disclose
@ DINESH GOEL,
It can't be discontinued.l before completing the appeal.
So, keep the balance in same nature.
It can't be discontinued.l before completing the appeal.
So, keep the balance in same nature.
Sorry folks. Sometimes I read the heading or the content writer changed the question lol. What happens was my eyes are blinking rapidly due to summer body overheat. I don't like to eat curd rice and it became more. So I'm avoiding less eye contact with screen. Plus anyways, as you know everyone asks with bad English. So i wrotw it off like that. I think I'll take rest for couple of days. Bye
| Originally posted by : Yasaswi Gomes new | ||
 |
Sorry folks. Sometimes I read the heading or the content writer changed the question lol. What happens was my eyes are blinking rapidly due to summer body overheat. I don't like to eat curd rice and it became more. So I'm avoiding less eye contact with screen. Plus anyways, as you know everyone asks with bad English. So i wrotw it off like that. I think I'll take rest for couple of days. Bye |  |
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