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Notes to Accounts of Amrapali Fincap Ltd.

Mar 31, 2015

A. GENERAL NOTES:

As regards the other Accounting Standards, they are statutorily applicable to our Company i.e Amrapali Fincap Private Limited but as there are no transactions inviting those Accounting Standards, no specific disclosures on the same are made.

B. OTHER NOTES FORMING PART OF THE ACCOUNTS:

1. The Company has carefully considered the impact of Accounting Standard -28 pertaining to Impairment loss. As the recoverable amount of assets is higher than the W.D.V. of its Fixed Assets and hence no provision is made for impairment of Assets.

2. The balances of unsecured loan and loans and advances are subject to confirmation by respective parties.

3. In the opinion of the Board of Directors, provisions for depreciation and all liabilities are adequate and not in excess of the amount reasonably necessary.

4. Wherever external evidence in the form of cash memos / bills / supporting are not available, the internal vouchers have been prepared, authorized and approved.

5. The search proceedings u/s.132 of the Income-tax Act, 1961 has been carried out by the Income-tax Authority at the business premises of the company Amrapali Fin cap Pvt Ltd. on 26/10/2012. In pursuance of the search proceedings, the company and other applicants of Amrapali Group have filed applications before the Hon'ble Settlement Commission, Mumbai. Wherein the company has disclosed net additional income of Rs.1,93,21,097/- for the F.Y.2006-07 to 2013-14 relevant to A.Y.2007-08 to 2014-15. During the year the Hon'ble Settlement Commission has passed an Order u/s.245D(1) of the Act dated 21/11/2014 admitting the application of the company and the Hon'ble Settlement Commission has also passed an Order u/s.245D(2C) of the Act dated 9/1/2015 considering the application of the company as valid. The company has paid Income-tax with interest on the net additional income offered before the Hon'ble Settlement Commission for an amount of Rs.1,18,13,000/-. The necessary accounting entries have been passed in the books of accounts. The capitalization in the form of cash balance has been given in the books of accounts and the cash has been deposited in the bank accounts. The net additional income offered before the Hon'ble Settlement Commission net of taxes paid has been shown under the head "Reserves & Surplus" for an amount of Rs.75,08,097/-.The final hearing of the company before the Hon'ble Settlement Commission and final order u/s.245D(4) of the Income-tax Act, 1961 is pending.

 
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