Binani Industries Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
As explained in note no. 8 of the unaudited financial results, in view of the Companys appeals pending before the Honble High Court at Calcutta against interest charged on Minimum Alternate Tax under section 234B and 234C of the Income Tax Act, 1961 inthe assessment for certain assessment years, no provision has been made in the booksof accounts for an amount of Rs 139 Lakhs (including interest of Rs 4 lakhs charged under section 220(2) of the Income Tax Act, 1961).
As explained in note no. 8 of the unaudited financial results, in view of the Companys appeals pending before the Honble High Court at Calcutta against interest charged on Minimum Alternate Tax under section 234B and 234C of the Income Tax Act, 1961 inthe assessment for certain assessment years, no provision has been made in the booksof accounts for an amount of Rs 139 Lakhs (including interest of Rs 4 lakhs charged under section 220(2) of the Income Tax Act, 1961).
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