Contingent liablity

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 December 2013 CESTAT has set aside the order of demand 85 laca and asked to predeposit 10 lacs and remanded case back to adjuticating authority.

can we have to disclose contingent liabilty.
Note..currently 85 lacs has been disclosed as contingent liablity in notes to accounts

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 December 2013 If the CESTAT has set aside the order via a speaking order then the additions as made are as good as not there and are sent back to AO for fresh consideration and hence the same should not be liable to be disclosed under contingent liability.