1. The company has obtained a license from The Director, Town &
Country Planning, Haryana, to develop a commercial colony on the land
acquired under collaboration arrangement. The company has started
activities related to architectural designing etc for the project. Cost
paid for the land along with other directly related costs including
internal/external development charges paid to the Authorities are
carried over as Inventory in financial statements.
2. The Company has during the year not received any information from
any vendor regarding their status being registered under Micro, Small
and Medium Enterprises Development Act, 2006.
3. In the opinion of the Management the Current Assets, Loans and
Advances have a value on realization in the ordinary course of business
at least equal to the amount at which they are stated in the Balance
Sheet except stated otherwise.
4. Pending settlement with the a party under Slump sale arrangement
of the erstwhile Sugar Division of the company in earlier years, a sum
of Rs320.07lacs (Previous Year Rs295.99lacs)is deposited in escrow
account as fixed deposit in bank as shown in Other Bank balances in
Note 13.The company is recognizing interest income thereon.
5. Tax Expense is the aggregate of current year income tax and
deferred tax charged to the Profit and Loss Account for the year.
a) Current Year Charge:
Income Tax provision of Rs.42.00 Lacs(Previous Year Rs.3.00lacs) has
been made towards MAT u/s 115JB and no tax is payable on regular
income.
b) Deferred Tax
Deferred tax asset and liability are recognized on the timing
differences between book records and income tax records in accordance
with the provisions of AS 22 of Taxes on Income. Keeping in view the
uncertainty of future profits for setting off the deferred tax asset
the same are not recognized in the books during the year.
6. Disclosure of interest in joint ventures under AS 27 of 'Financial
Reporting of Interest in Joint Ventures: Name of Joint venture: Galaxy
Monnet InfraheightsPvt Ltd
Proportion of ownership interest: 50%
Operations: The joint venture entity is in the business of real estate
development and has taken up a project in Gurgaon. Construction of the
project is in progress as at 31.3.2015.
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