Page 147 - KRCL ENglish

Sr. No.
Emphasis
of Matter Statutory Auditor's Remarks Management Reply
Para:

(b) The Schedule of repayment of KRCL has directed KRWO to
principal & payment of interest is liquidate its assets and repay the
stipulated but repayment of principal and interest thereon at
principal or payment of interest is the earliest.
not regular.

Principal along with interest is to be
recovered with in the span of 7
y e a r s f r o m t h e d a t e o f
disbursement, however amount of
Rs.19.03 Crores becomes
overdue but still outstanding and
lying as Loans under the head
“Financial Assets”. Similarly,
Rs.7.12 Crores is overdue and
lying as Interest accrued on loans
under the head “Other Financial
Assets”

(vii) (b) The details of dues of income Tax There is no pending demand with
and Service Tax which have not Income Tax and Service Tax
been deposited by the company department, however certain
on account of disputes and the demands raised by departments
forum where the dispute is are Disputed by the Company
pending are given as under along detail of which are given below:
with the details of amount
deposited under protest / adjusted Against the demand of the Service
by tax authorities: Tax Department for Rs. 704.40
Crores and applicable interest
Service Tax case is lying with thereon for the period from 2009-
Mumbai High Court for the period 10 to 2013-14, the Corporation has
2009-10 to 2014-15 is Rs.704.40 led a writ petition in the Mumbai
Crores. CESTAT Court on 28th August
2019 challenging the same as
Corporate Tax case is lying with unconstitutional and against the
Commissioner of Income Tax service tax law being double
(Appeals) for the period 2007-08 to
taxation on business transaction

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