Company Meets Section 131 & Rule 77 Criteria to Revise Financial Statements, No Revenue Impact on Tax Computation.

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....Voluntary revision of financial statements - Income Recognition - NPA - Section 131 of the Companies Act, 2013 - The petitioner-company fulfilled the requirements under Section 131 of the Act and Rule 77 of the 2016 Rules and accordingly, the petitioner-company is entitled for seeking revision of its financial statements or board’s report, for the financial years, in question - it is seen that the relevant interest amounts for the particular years, being treated as accrued and not paid, is added back in computation to arrive at the assessable income. Thus there is no impact on revenue from the perspective of the Income Tax Department. - Tri....