GCCL Construction & Realities Ltd. के अकाउंट के लिये नोट

Mar 31, 2024

3.9 Provisions & contingent liabilities

Provisions are recognized when the Company has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. When the Company expects some or all of a
provision to be reimbursed, the reimbursement is recognized as a separate asset, but only
when the reimbursement is virtually certain. The expense relating to a provision is presented
in the statement of profit and loss net of any reimbursement.

Contingent liability arises when the Company has:

a) a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the entity; or

b) a present obligation that arises from past events but is not recognized because:

i) it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation; or

ii) the amount of the obligation cannot be measured with sufficient reliability."
Contingent liabilities are not recorded in the financial statement but, rather, are disclosed in
the note to the financial statements.

22 Previous period''s figures have been regrouped / reclassified wherever necessary to correspond with the
² current year''s classification / disclosure.

As per our report on even date

For, Hiren D Shah & Associates For and on behalf of the Board

Chartered Accountants Devang Jhaveri Amam Shah

Firm Registration number: 135212W DIN: 02372402 DIN: 01617245

Yash N Desai (Partner) Director Director

Membership No. 179659

UDIN: 24179659BKGXAF4141 Place: Ahmedabad

Date: 29/04/2024

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Mar 31, 2012

1 Related Party Disclosures

Name of related parties and related party relationship Related parties with whom transactions have taken place during the year

Enterprise owned or significantly influenced by key management personnel or their relatives GANPATI IN TRADEX PVT. LTD.

Related party transactions

The following table provides the total amount of transactions that have been entered into with related parties for the relevant finanacial year:

A. Loans Taken and repayment thereof

2 Contingent Liability 31-Mar-12(Rs.) 31-Mar-11 (Rs.)

Income tax demand 154598 0



* Income tax demand from the Indian Tax Authority for payment of tax of Rs 154598 upon completion of their tax reviews for the financial year 2003-04. The matter is pending before the income tax officer, ward-4(1)

* The company is contesting the demands and no tax expense has been accrued in the financial statements for the tax demands raised. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of the operations.

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Mar 31, 2010

1. CONTINGENT LIABILITIES :

Contingent Liabilities are disclosed after careful evaluation of facts and legal aspects of the matter involved.

2. TAXES ON INCOME :

Tax Expenses for the year includes current tax & deferred tax. Current tax is the tax payable / recoverable from taxation authorities. Deferred tax is the tax effect of timing difference arising between Accounting income and tax income. Deferred tax is recognized for all timing differences at substantively enacted rates except in respect of those giving rise to deferred tax assets, which are recognized only if their realisability is reasonably certain and virtually certain in case of unabsorbed depreciation and unabsorbed losses.

3. EARNING PER SHARE :

The Company reports basic and diluted earnings per share in accordance with Accounting Standard (AS) 20 - Earning per Share issued by the Institute of Chartered Accountants of India. Basic Earning per Share are computed by dividing the net profit or loss for the year by the weighted average number of equity share outstanding during the year. Diluted earning per share is computed by dividing the net profit or loss for the year by the weighted average number of Equity Shares outstanding during the year as adjusted for the effects of all dilutive potential equity share, except where the results are anti-dilutive.

4. Provision years figures have been regrouped, rearranged wherever necessary to make them comparable to the current years figures.

5. In the opinion of the Board, the current assets, Loans and Advances have a value on realization in the ordinary course at least equal to the amount at which they are stated.