178 32ND ANNUAL REPORT 2023-24 | HERITAGE FOODS LTD Standalone STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS Name of the statute Nature of dues Gross Amount (₹ millions) Amount paid under Protest (₹ millions) Period to which the amount relates Forum where dispute is pending Telangana Tax on Entry of Goods into Local Areas Act, 2001 Entry tax 0.41 0.10 2011-12 The High Court of Judicature at Hyderabad for the State of Telangana 2.72 0.68 2012-13 3.82 0.95 2013-14 0.29 0.07 2014-15 0.41 0.10 2015-16 2.70 0.68 2016-17 0.02 0.01 2017-18 Haryana Murrah Buffalo and other Milch Animal Breed Act, 2001 Milk cess 28.93 3.48 December 2014 to December 2023 The Supreme Court of India Andhra Pradesh Tax on Entry of Goods into Local Areas Act, 2001 Entry tax 0.86 0.22 2014-15 The High Court of Judicature at Amaravati for the State of Andhra Pradesh 1.55 0.39 2015-16 1.36 0.34 2016-17 0.00 - 2017-18 Central GST Act, 2017 Short payment of GST on Flavored Milk 88.83 35.18 July 2017 to March 2020 The High Court of Judicature at Amaravati for the State of Andhra Pradesh Income Tax Act, 1961 Initiation of Penalty proceedings u/s 271D 2.24 - 2020-21 Commissioner of Income Tax (Appeals) Disallowance of expenses 5.18 0.48 2017-18 and 2020-21 Commissioner of Income Tax (Appeals) (viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been previously recorded in the books of accounts. (ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of its loans or borrowings or in the payment of interest thereon to any lender. (b) According to the information and explanations given to us including representation received from the management of the Company, and on the basis of our audit procedures, we report that the Company has not been declared a willful defaulter by any bank or financial institution or government or any government authority. (c) In our opinion and according to the information and explanations given to us, money raised by way of term loans were applied for the purposes for which these were obtained. (d) In our opinion and according to the information and explanations given to us, and on an overall examination of the financial statements of the Company, funds raised by the Company on short term basis have, prima facie, not been utilised for long term purposes. (e) According to the information and explanations given to us and on an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associate or joint venture. (f) According to the information and explanations given to us, the Company has not raised any loans during the year on the pledge of securities held in its subsidiaries, joint venture or associate. (x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the Company. (b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable to the Company. (xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or fraud on the Company
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