Annual Report-FY 2011-12 - Timex Group India

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records ofthe Company, amounts deducted/accrued in the books of account in respect of undisputed statutory duesincluding Provident Fund, Employees’ State Insurance, Income tax, Sales tax, Service tax, Customs duty, Exciseduty, Investor Education and Protection Fund and other material statutory dues, as applicable, have generallybeen regularly deposited during the year by the Company with the appropriate authorities. As explained to us,the provisions of Wealth tax are not applicable to the Company.According to the information and explanations given to us, no undisputed amounts payable in respect ofProvident Fund, Employees’ State Insurance, Income tax, Sales tax, Service tax, Customs duty, Excise duty,Investor Education and Protection Fund and other material statutory dues, as applicable, were in arrears as at31 March 2012 for a period of more than six months from the date they became payable.(b) According to the information and explanations given to us, there are no dues in respect of Service tax andWealth tax which have not been deposited with the appropriate authorities on account of any dispute. Accordingto the information and explanations given to us, the following dues of Income tax, Sales tax, Customs duty andExcise duty have not been deposited by the Company on account of disputes:Name of the Nature of Amounts Amounts paid Period to Forum whereStatute the dues (Rs. lakhs) under protest which the dispute is pending(Rs. lakhs) amountrelates(Financial year)Central Excise Excise duty 43 7 1995-96 to CESTAT, New DelhiAct, 1944 (Cenvat credit) 1998-99Penalty 43Central Excise Excise duty 16 - 1999-2000 to Supreme CourtAct, 1944 Penalty 1 2000-01Central Excise Excise duty 6 5 1992-93 and Deputy Commissioner,Act, 1944 1996-97 Central ExciseCentral Sales Sales Tax 59 - 1994-95 Deputy Commissioner –Tax Act, 1956Commercial taxThe Kerala Sales Sales Tax 1 - 1995-96 Assistant Commissioner –Tax Act, 1963Sales TaxTamil Nadu General Sales Tax 8 - 1992-93 to CommercialSales Tax Act, 1959 1993-94 taxation officerAndhra Pradesh Sales Tax 1 - 1995-96 CommercialSales Tax Act, 1957taxation officerKarnataka Sales Cess 1 - 1995-96 Deputy Commissioner –Tax Act, 1957Commercial taxesTamil Nadu General Sales Tax 9 9 2002-03 High Court, ChennaiSales Tax Act, 1959Customs Act,1962 Customs duty 8 8 1995-96 Commissioner, Customs(Appeals)Income Tax Act, 1961 * Income Tax 610 - 2001-02 Income taxAppellate TribunalIncome Tax Act, 1961 * Income Tax 658 - 2002-03 Income taxAppellate TribunalIncome Tax Act, Income Tax 397 - 2003-04 Income tax1961 */ ** Appellate TribunalIncome Tax Act, 1961 * Income Tax 329 - 2004-05 Commissioner of IncomeTax, (Appeals)Income Tax Act, 1961 * Income Tax 341 - 2005-06 Commissioner of IncomeTax, (Appeals)Income Tax Act, 1961 * Income Tax 75 - 2006-07 Commissioner of IncomeTax, (Appeals)Income Tax Act, 1961 * Income Tax 2,000 - 2007-08 Commissioner of IncomeTax, (Appeals )28