Binani Industries Ltd has informed that in the limited review report of the Company for the quarter ended June 30, 2007, the auditors of the Company have made the following observations:
1. The Company has accounted for dividend of Rs 2637 lakhs declared by one of its subsidiaries Board of Directors during the current quarter and approved by shareholders in first week of July 2007. Had this not been so accounted, the company would have had loss of Rs 183 lakhs in the current quarter as against reported profit of Rs 2454 lakhs (refer note no. 2 of the unaudited financial results).
2. As explained in note no 8 of the unaudited financial results, the company has not provided for the Income tax liability of Rs 139 lakhs (including interest of Rs 4 lakhs charged u/s 220(2) of the Income Tax Act, 1961). Since the Company has filed appeals against the order of the Income Tax Appellate Tribunal confirming the chargeability of interest under Sections 234B and 234C of the Income Tax Act, 1961 on Minimum Alternate Tax before the Honble High Court at Calcutta.
Source : www.indian-commodity.com
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