Hatsun Agro Product 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:
Income tax matters in respect of the Companys claim for deduction towards noncompete fee of Rs 40 million for the financial year ended March 31, 1996 (tax impact of such disallowance estimated by the management of Rs 15 million) is being contested by the Company and the matter is pending with the High Court of Judicature Madras. Pending a final resolution of the uncertainties in this connection, no provision towards tax and other consequential adjustment, if any, have been considered in the financial results. Audit report issued on the financial statements for the year ended March 31, 2007 and limited review report on the unaudited financial results for the three months ended December 31, 2006 was qualified accordingly.
Income tax matters in respect of the Companys claim for deduction towards noncompete fee of Rs 40 million for the financial year ended March 31, 1996 (tax impact of such disallowance estimated by the management of Rs 15 million) is being contested by the Company and the matter is pending with the High Court of Judicature Madras. Pending a final resolution of the uncertainties in this connection, no provision towards tax and other consequential adjustment, if any, have been considered in the financial results. Audit report issued on the financial statements for the year ended March 31, 2007 and limited review report on the unaudited financial results for the three months ended December 31, 2006 was qualified accordingly.
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