43. Contingent liabilities and commitments As at 31 March 2023 31 March 2022 (a) Commitments Estimated amount of contracts remaining to be executed on capital account and not provided for 500.01 60.45 (ii) Other commitment Investment in the Joint venture entity, Heritage Novandie Foods Private Limited* 195.00 - Note: *The Holding Company has committed to provide fi nancial support as necessary, to enable its joint venture company, Heritage Novandie Foods Private Limited to meet its operational requirements as they arise and to meet its liabilities as and when they fall due.Refer note 48(d) for commitments in respect of a joint venture. (b) Contingent liabilities, not provided for As at 31 March 2023 31 March 2022 Outstanding Liability Paid under protest* Outstanding Liability Paid under protest* In respect of income tax matters [refer (i) below] 7.43 0.48 5.21 0.48 In respect of sales tax / value added tax matters [refer (ii) below] 18.67 5.04 18.67 5.04 In respect of other matters [refer (iii) below] 60.33 42.21 59.73 42.21 (*) forms part of “balances with statutory authorities” under “other current assets” (i) The Company had received following demand orders from the income tax authorities for: (a) the assessment year 2020-21 in relation to the initiation of penalty proceedings u/s 271D and; (b) the assessment years 2017-18 and 2020-21 in relation to the inadmissibility of expenditure claimed under Section 80G of the Income Tax Act, 1961. The management, on the basis of its internal assessment of the facts of the case, the underlying nature of transactions, is of the view that the probability of the case being settled against the Company is remote and accordingly do not foresee any adjustment to these standalone fi nancial statements in this regard. The litigation is currently pending with the Commissioner of Income Tax (Appeals) (“CIT(A)”). The Company has received a favourable order for the assessment year 2018-19 in relation to point (b) above. As at 31 March 2023 31 March 2022 (ii) - Disputed purchase tax levied under Andhra Pradesh Value Added Tax Act, 2005 on purchase of milk @ 9.51 9.51 - Disputed Input tax credit disallowed under Andhra Pradesh Value Added Tax Act, 2005 @ 4.69 4.69 - Disputed Input tax credit disallowed under The Central Sales Tax, 1956 # 4.47 4.47 @ litigation pending with Hon’ble High Court of Telangana; # litigation pending with Joint Commissioner of commerical Taxes (Appeals), Bangalore. Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) 301 Consolidated | Financial Statements
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