Difference between contingent liability& disputed dues
This query is : Resolved
01 August 2016
What is the difference between Contingent Liability(AS-29) reported as a note to financials and Disputed dues payable as per clause vii of CARO??
Service tax refund receiveble pending on account of Appeal Made - Is it a contingent liability. Want to know the reason if yes.
Service tax refund receiveble pending on account of Appeal Made - Is it a contingent liability. Want to know the reason if yes.
01 August 2016
Contingent...as the word itself suggects....it may happen, may NOT happen......The thing is dependent on happening or non happening of some event...is contingent
Disputed is the one which is already disputed....so no any contingency in it...The disputed amount may turn out to be contingent in due course
Service tax refund : This is dependent on happening or non happening of event viz. Appeal finalisation..and hence termed as contingent
Disputed is the one which is already disputed....so no any contingency in it...The disputed amount may turn out to be contingent in due course
Service tax refund : This is dependent on happening or non happening of event viz. Appeal finalisation..and hence termed as contingent
02 August 2016
service tax refund receivable is nowhere liability.. it's contingent income..
which is never considered while accounting..
02 August 2016
yes, absolutely right.....
(since the assessee has preferred an appeal indicates that although assessee is expecting refund...it is not so as per the assessment order...with that reference, the answer is given)
(since the assessee has preferred an appeal indicates that although assessee is expecting refund...it is not so as per the assessment order...with that reference, the answer is given)
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