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TMI Blog2022 (11) TMI 1453X X X X Extracts X X X X X X X X Extracts X X X X ..... panies Act, 2013 (the 'Act') for revision of the Financial Statement of the Company for the F. Y. 2018-2019 and to file the same with the Registrar of Companies, Gujarat at Ahmedabad. 2. The averments made by the Applicant are summarized as under: (i) The Company is regularly filing the financial statement since its incorporation and not in default in filing the annual return and financial statements as required under the relevant provisions of the Companies Act, 1956/2013. The Financial Statement Audited by M/s Rakesh Choksi & Company, Chartered Accountants for the year ended on 31.03.2019 was filed on 30.11.2019 with the ROC, Gujarat. (ii) The attention of the management of the Company was drawn by the other management audito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery was Rs.1,15,91,780/-. Thus, the loss incurred of Rs.10,60,780/- by the company has erroneously not been disclosed in the Profit and Loss account, and due to which the net loss has been under stated by Rs.10,60,780/- in the original Audit Report. (e) Depreciation erroneously claimed in earlier years and now reverted back and shown under the head prior period items of Rs.10,00,754/-. (f) One import invoice of Rs.4,00,749/- of rapier loom was erroneously not shown in the purchase account. Thus, the net loss and purchase to the tune of Rs.4,00,749/- has been under stated. (iv) This Tribunal vide order dated 13.01.2021 directed to the Company to serve the notice of hearing to the Regional Director as well as the ROC and vide order date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "the Cash Flow Statement for the year ended on 31.03.2020 has no relevance to the case. Further, cash flow statements for year ended on 31.03.2019 would also get revised once the accounts are ordered to be re-opened and readopted by the members of the company and the Applicant would be in a position to ensure compliance of the same. (b) The second observation of the RD that it is observed from the Note No. 2.3 (Long Term Borrowings) of the Balance Sheet of the Company as at 31.03.2018 that the Company has shown Long Term Borrowing from Surat People Co-Operative Bank as NIL and for previous year as Rs.15,14,185/- whereas, as per the MCA Portal record, there are 02 secured charges dated 01.07.1994 and 01.10.2012 taken from the Surat People ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther stated that due to miscommunication between the accountant and the professional of the company, the same could not be filed. However, the Applicant Company undertakes to comply with the same. Despite non-filing of the return, there is no instance of tax-evasion and this non-filing is not fatal to the petition and therefore no prejudice shall be caused in the present application. (d) The forth observation of the RD is that the Prominence report in the filing of Financial Statement for the F.Y. 2018-19 may also require to be obtained from the Department of Income Tax, Ahmedabad to effect the revisions of Financial Statements." In response to this observation of the RD, the Applicant Company has stated that the revised return under t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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