Annual Report-FY 2012-13 - Timex Group India

(ix)and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we havenot made a detailed examination of the records with a view to ensure whether they are adequate or complete.(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company,amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident Fund,Employees’ State Insurance, Income tax, Sales tax, Service tax, Customs duty, Excise duty, Investor Education and ProtectionFund and other material statutory dues, as applicable, have generally been regularly deposited during the year by the Companywith 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 of Provident Fund,Employees’ State Insurance, Income tax, Sales tax, Service tax, Customs duty, Excise duty, Investor Education and ProtectionFund and other material statutory dues, as applicable, were in arrears as at 31 March 2013 for a period of more than six monthsfrom the date they became payable.(b) According to the information and explanations given to us, there are no dues in respect of Service tax which have not beendeposited with the appropriate authorities on account of any dispute. According to the information and explanations given tous, the following dues of Income tax, Sales tax, Customs duty and Excise duty have not been deposited by the Company onaccount of disputes:Name of theStatuteCentral ExciseAct, 1944Central ExciseAct, 1944Central ExciseAct, 1944Central SalesTax Act, 1956The KeralaSales Tax Act,1963Tamil NaduGeneral SalesTax Act, 1959Nature of theduesAmounts(Rs. lakhs)Amounts paidunder protest(Rs. lakhs)Period to whichthe amount relates(Financial year)Forum where dispute ispendingExcise duty(Cenvat credit)Penalty43437 1995-96 to1998-99CESTAT, New DelhiExcise duty 16- 1999-2000 to 2000-01 Supreme CourtPenalty 1Excise duty 6 5 1992-93 and 1996-97 Deputy Commissioner,Central ExciseSales Tax 59 - 1994-95 Deputy Commissioner –Commercial taxSales Tax 1 - 1995-96 Assistant Commissioner– Sales TaxSales Tax 8 - 1992-93 to 1993-94 Commercial taxation officerAndhra PradeshSales Tax Act,1957Karnataka SalesTax Act, 1957Tamil NaduGeneral SalesTax Act, 1959CustomsAct,1962The KeralaValue AddedTax Rules, 2005The MP ValueAdded TaxThe KeralaValue AddedTax Rules, 2005Income Tax Act,1961 *Income Tax Act,1961 *Income Tax Act,1961 */**Sales Tax 1 - 1995-96 Commercial taxation officerCess 1 - 1995-96 Deputy Commissioner –Commercial taxesSales Tax 9 9 2002-03 High Court, ChennaiCustoms duty 8 8 1995-96 Commissioner, Customs(Appeals)Sales Tax 1 1 2009-10 AssistantSales Tax 7 1 2009-10 M.P VAT AuthoritySales Tax 20 - 2010-11 Kerala VAT AuthorityIncome Tax 610 - 2001-02 Income tax AppellateTribunalIncome Tax 786 - 2002-03 Income tax AppellateTribunalIncome Tax 397 - 2003-04 Income tax AppellateTribunal26