Page 126 - Kolte Patil AR 2019-20

(vi) The maintenance of cost records has been specified by the Employees’ State Insurance, Income-tax, Sales Tax, Service Tax,
Central Government under section 148(1) of the Act. We have Customs Duty, Value Added Tax, Goods and Services Tax,
broadly reviewed the cost records maintained by the Company cess and other material statutory dues applicable to it to the
pursuant to the Companies (Cost Records and Audit) Rules, appropriate authorities.
2014, as amended prescribed by the Central Government (b) There were no undisputed amounts payable in respect
under sub-section (1) of Section 148 of the Act, and are of the of Provident Fund, Employees’ State Insurance, Income
opinion that, prima facie, the prescribed cost records have been Tax, Sales Tax, Service Tax, Customs Duty, Value Added Tax,
made and maintained. We have, however, not made a detailed Goods and Services Tax, cess and other material statutory
examination of the cost records with a view to determine dues in arrears as at 31 March, 2020 for a period of more
whether they are accurate or complete.
than six months from the date they became payable.
(vii) According to the information and explanations given to us, in (c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs
respect of statutory dues:
Duty and Value Added Tax which have not been deposited
(a) The Company has generally been regular in depositing as on 31 March, 2020 on account of disputes are given
undisputed statutory dues, including Provident Fund, below:
(H in Lakhs)
Name of Statute Nature of Forum where Dispute is Period to which the Amount Amount paid
Dues Pending Amount Relates Involved under protest
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2003-04 1 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2005-06 4 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2007-08 4 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Income Tax Appellate Assessment Year 2011-12 106 -
Tribunal
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2013-14 74 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Income Tax Appellate Assessment Year 2013-14 304 -
Tribunal
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2014-15 15 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2015-16 17 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2016-17 109 -
Tax (Appeals -11)
Income Tax Act, 1961 Income tax Commissioner of Income Assessment Year 2017-18 80 -
Tax (Appeals -11)
(viii) In our opinion and according to the information and (x) To the best of our knowledge and according to the information
explanations given to us, the Company has not defaulted in and explanations given to us, no fraud by the Company and no
the repayment of loans or borrowings to financial institutions material fraud on the Company by its officers or employees has
and banks. The Company has not issued any debentures and been noticed or reported during the year.
has not taken any loan from Government.
(xi) In our opinion and according to the information and
(ix) The Company has not raised moneys by way of initial public explanations given to us, the Company has paid / provided
offer or further public offer (including debt instruments). In our managerial remuneration in accordance with the requisite
opinion and according to the information and explanations approvals mandated by the provisions of section 197 read with
given to us, the term loans have been applied by the Company Schedule V to the Act.
during the year for the purposes for which they were raised, (xii) The Company is not a Nidhi Company and hence reporting
other than temporary deployment pending application of under clause (xii) of the Order is not applicable to the Company.
proceeds.

124 | Kolte-Patil Developers Limited