Mar 31, 2014
A. General:
i. The financial statements are prepared on historical cost basis
(except for Revaluation of land and building), in accordance with
accepted accounting standards and on the accounting principle of a
going concern.
ii. Expenses and Income to the extent considered payable and
receivable, respectively, are accounted for on accrual basis, except
those with significant uncertainties.
B. Use of estimates:
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) requires Management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual result could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
C. Revenue recognition for construction of buildings and sale of
flats:
Revenue from Land and Building under construction thereon is recognized
on completion of the project and substantial compliance of the terms of
agreements for sale of flats.
D. Investments:
Long Term Investments are stated at cost. In case, there is a permanent
diminution in the value of any investments, a provision for the same is
made in the accounts.
E. Inventories:
i) Work in progress is valued at cost, which includes cost of
construction materials, labour charges, rates and taxes but excludes
indirect costs like interest and other common administrative overheads.
ii) Stock of Flats: At cost of land including the accretion to its
value on change of its character from Capital Assets to Stock-in-trade
and related construction expenses or net realisable value whichever is
lower.
F Fixed Assets:
i. Certain Land & building were revalued from time to time and are
stated at such updated book values less depreciation, where applicable.
ii. ther fixed assets are stated at cost less depreciation. Cost
includes freight, duties and Taxes and incidental expenses related to
acquisition, installation, erection and commissioning.
G. Depreciation:
Depreciation on Fixed Assets is provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act,
1956.
H. Taxation:
Provision for the current income tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961 Mat credit asset is recognized and carried
forward only if there is a reasonable certainty of it being set off
against regular tax payable within the stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize. Deferred tax assets are recognized and carried forward
Only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
I. Provisions, Contingent Liabilities and Contingent Assets:
A provision is made based on a reliable estimate, when it is probable
that an outflow of resources embodying economic benefit will be
required to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognized or disclosed in the financial statements.
Mar 31, 2013
A. General:
i. The financial statements are prepared on historical cost basis
(except for Revaluation of land and building), in accordance with
accepted accounting standards and on the accounting principle of a
going concern.
ii. Expenses and Income to the extent considered payable and
receivable, respectively, are accounted for on accrual basis, except
those with significant uncertainties. -
B. Use of estimates:
The preparation of financial statements in conformity with Generally ~
Accepted Accounting Principles (GAAP) requires Management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual result could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
C. Revenue recognition for construction of buildings and sale of
flats:
Revenue from Land and Building under construction thereon is recognized
on completion of the project and substantial compliance of the terms of
agreements for sale of flats.
D. Investments:
Long Term Investments are stated at cost. In case, there is a permanent
diminution in the value of any investments, a provision for the same is
made in the accounts.
E. Inventories:
i) Work in progress is valued at cost, which includes cost of
construction materials, labor charges, rates and taxes but excludes
indirect costs like interest and other common administrative overheads.
ii) Stock of Flats: At cost of land including the accretion to its
value on change of its character from Capital Assets to Stock-in-trade
and related construction expenses or net realizable value whichever is
lower.
F Fixed Assets:
i. Certain Land & building were revalued from time to time and are
stated at such updated book values less depreciation, where applicable.
ii. Other fixed assets are stated at cost less depreciation. Cost
includes freight, duties and Taxes and incidental expenses related to
acquisition, installation, erection and commissioning.
G. Depreciation:
Depreciation on Fixed Assets is provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act,
1956.
H. Taxation: ''
Provision for the current income tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961 Mat credit asset is recognized and carried
forward only if there is a reasonable certainty of it being set off
against regular tax payable within the stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize. Deferred tax assets are recognized and carried forward
only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each '' balance sheet date.
I. Provisions, Contingent Liabilities and Contingent Assets:
A provision is made based on a reliable estimate, when it is probable
that an outflow of resources embodying economic benefit will be
required to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognized or disclosed in the financial statements.
Mar 31, 2012
A. General:
i. The financial statements are prepared on historical cost basis
(except for Revaluation of land and building), in accordance with
accepted accounting standards and on the accounting principle of a
going concern.
ii. Expenses and Income to the extent considered payable and
receivable, respectively, are accounted for on accrual basis, except
those with significant uncertainties.
B. Use of estimates:
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) requires Management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual result could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
C. Revenue recognition for construction of buildings and sale of
flats:
Revenue from Land and Building under construction thereon is recognized
on completion of the project and substantial compliance of the terms of
agreements for sale of flats.
D. Investments:
Long Term Investments are stated at cost. In case, there is a permanent
diminution in the value of any investments, a provision for the same is
made in the accounts.
E. Inventories:
i) Work in progress is valued at cost, which includes cost of
construction materials, labour charges, rates and taxes but excludes
indirect costs like interest and other common administrative overheads.
ii) Stock of Flats: At cost of land including the accretion to its
value on change of its character from Capital Assets to Stock-in-trade
and related construction expenses or net realisable value whichever is
lower.
F Fixed Assets:
i. Certain Land & building were revalued from time to time and are
stated at such updated book values less depreciation, where applicable.
ii. Other fixed assets are stated at cost less depreciation. Cost
includes freight, duties and Taxes and incidental expenses related to
acquisition, installation, erection and commissioning.
G. Depreciation:
Depreciation on Fixed Assets is provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act,
1956.
H. Taxation:
Provision for the current income tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961
Mat credit asset is recognized and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize. Deferred tax assets are recognized and carried forward
only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
I. Provisions, Contingent Liabilities and Contingent Assets:
A provision is made based on a reliable estimate, when it is probable
that an outflow of resources embodying economic benefit will be
required to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognized or disclosed in the financial statements.
Mar 31, 2011
A. General:
i. The financial statements are prepared on historical cost basis
(except for Revaluation of land and building), in accordance with
accepted accounting standards and on the accounting principle of a
going concern.
ii. Expenses and Income to the extent considered payable and
receivable, respectively, are accounted for on accrual basis, except
those with significant uncertainties.
B. Use of estimates:
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) requires Management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual result could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
C. Revenue recognition for construction of buildings and sale of
flats:
Revenue from Land and Building under construction thereon is recognized
on completion of the project and substantial compliance of the terms of
agreements for sale of flats.
D. Investments:
Long Term Investments are stated at cost. In case, there is a permanent
diminution in the value of any investments, a provision for the same is
made in the accounts.
E. Inventories:
i) Work in progress is valued at cost, which includes cost of
construction materials, labour charges, rates and taxes but excludes
indirect costs like interest and other common administrative overheads.
ii) Stock of Flats: At cost of land including the accretion to its
value on change of its character from Capital Assets to Stock-in-trade
and related construction expenses or net realisable value whichever is
lower.
F. Fixed Assets:
i. Certain Land & building were revalued from time to time and are
stated at such updated book values less depreciation, where applicable.
ii. Other fixed assets are stated at cost less depreciation. Cost
includes freight, duties and Taxes and incidental expenses related to
acquisition, installation, erection and commissioning.
G. Depreciation:
Depreciation on Fixed Assets is provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act,
1956.
H. Taxation:
Provision for the current income tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961
Mat credit asset is recognized and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize. Deferred tax assets are recognized and carried forward
only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
I. Provisions, Contingent Liabilities and Contingent Assets:
A provision is made based on a reliable estimate, when it is probable
that an outflow of resources embodying economic benefit will be
required to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognized or disclosed in the financial statements.
Mar 31, 2010
A. General:
i. The financial statements are prepared on historical cost basis
(except for Revaluation of land and building), in accordance with
accepted accounting standards and on the accounting principle -of a
going concern.
ii. Expenses and Income to the extent considered payable and
receivable, respectively, are accounted for on accrual basis, except
those with significant uncertainties.
B. Use of estimates:
The preparation of financial statements in conformity with Generally
Accepted Accounting Principles (GAAP) requires Management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and the disclosures of contingent liabilities on the
date of financial statements and reported amounts of revenue and
expenses for that year. Actual result could differ from these
estimates. Any revision to accounting estimates is recognized
prospectively in current and future periods.
C. Revenue recognition for construction of buildings and sale of
flats:
Revenue from Land and Building under construction thereon is recognized
on completion of the project and substantial compliance of the terms of
agreements for sale of flats.
D. Investments:
Long Term Investments are stated at cost. In case, there is a permanent
diminution in the value of any investments, a provision for the same is
made in the accounts.
E. Inventories:
i) Work in progress is valued at cost, which includes cost of
construction materials, labour charges, rates and taxes but excludes
indirect costs like interest and other common administrative overheads.
ii) Stock of Flats: At cost of land including the accretion to its
value on change of its character from Capital Assets to Stock-in-trade
and related construction expenses or net realisable value whichever is
lower.
F Fixed Assets:
i. Certain Land & building were revalued from time to time and are
stated at such updated book values less depreciation, where applicable,
ii. Other fixed assets are stated at cost less depreciation. Cost
includes freight, duties and Taxes and incidental expenses related to
acquisition, installation, erection and commissioning.
G. Depreciation:
Depreciation on Fixed Assets is provided on straight line method at the
rates and in the manner specified in Schedule XIV to the Companies Act,
1956.
H. Taxation:
Provision for the current income tax is made on the basis of the
estimated taxable income for the current accounting year in accordance
with Income Tax Act, 1961
Mat credit asset is recognized and carried forward only if there is a
reasonable certainty of it being set off against regular tax payable
within the stipulated statutory period.
Deferred Tax resulting from timing differences between book and tax
profits is accounted for under the liability method, at the current
rate of tax, to the extent that the timing differences are expected to
crystallize. Deferred tax assets are recognized and carried forward
only if there is a virtual/reasonable certainty that they will be
realized and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
l. Provisions, Contingent Liabilities and Contingent Assets:
A provision is made based on a reliable estimate, when it is probable
that an outflow of resources embodying economic benefit will be
required to settle an obligation. Contingent liabilities, if material,
are disclosed by way of notes to accounts. Contingent assets are not
recognized or disclosed in the financial statements.
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