Oricon Enterprises 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:
1. The Company has not recognized the Current Tax Liability as well as Deferred Tax liability / Asset for timing differences arising during the period as required by Accounting Standard-22 on Accounting for Taxes on Income Issued by the Institute of Chartered Accountants of India and the impact of the same is not ascertained.
2. The company has resolved the qualification regarding non provision of Fringe Benefit Tax given in the Limited Review Report for the quarter ended September 2007 by making a provision of Rs 2.50 lakhs during the quarter. The Company has not disclosed the same in the financial results.
1. The Company has not recognized the Current Tax Liability as well as Deferred Tax liability / Asset for timing differences arising during the period as required by Accounting Standard-22 on Accounting for Taxes on Income Issued by the Institute of Chartered Accountants of India and the impact of the same is not ascertained.
2. The company has resolved the qualification regarding non provision of Fringe Benefit Tax given in the Limited Review Report for the quarter ended September 2007 by making a provision of Rs 2.50 lakhs during the quarter. The Company has not disclosed the same in the financial results.
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