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Rane (Madras) Ltd.

BSE: 532661 Sector: Auto
NSE: RML ISIN Code: INE050H01012
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OPEN 300.00
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VOLUME 2434
52-Week high 489.65
52-Week low 286.30
P/E 23.37
Mkt Cap.(Rs cr) 494
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 300.00
CLOSE 313.85
VOLUME 2434
52-Week high 489.65
52-Week low 286.30
P/E 23.37
Mkt Cap.(Rs cr) 494
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Rane (Madras) Ltd. (RML) - Auditors Report

Company auditors report

To the Members of Rane (Madras) Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of Rane (Madras) Limited ("theCompany") which comprise the standalone balance sheet as at March 31 2021 and thestandalone statement of profit and loss (including other comprehensive income) standalonestatement of changes in equity and standalone statement of cash flows for the year thenended and notes to the standalone financial statements including a summary of thesignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 ("Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and loss and other comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those SAs are furtherdescribed in the Auditor’s Responsibilities for the Audit of the Standalone FinancialStatements section of our report. We are Independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion on the Standalone financial statements.

Emphasis of matter

We draw attention to Note 1.34 of the standalone financial statements which describesthe economic and social consequences / disruption as a result of COVID-19 which impactmatters relating to supply chain customer demand commodity prices personnel availablefor work etc.

Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

The key audit matter How the matter was addressed in our audit
Investments in subsidiary Refer note 1.29 6.1 and 32.2 to the standalone financial statements. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
The Company has an investment in non-convertible redeemable preference shares in its subsidiary amounting to INR 204.91 crores as at March 312021 (gross amount of investment) which is measured at fair value through profit and loss. • Assessed the appropriateness of accounting policy as per relevant accounting standard.
The Company has recognised a fair value loss (carrying value impairment) of INR 62.50 crores during the year (and a cumulative fair value loss of INR 100.08 crores) on this investment as at March 312021. • Assessed the design and implementation of key internal financial controls and tested the operating effectiveness of such controls.
The fair values were determined using a discounted cash flow model. Such determination involves significant judgements and estimates including estimates of revenue growth rate terminal growth rate discount rate and also those related to the possible effects of COVID-19. • Involved our valuation specialist to assist us in evaluating the appropriateness of the valuation model the assumptions and methodologies used by the Company for assessing the fair value of the investment.
• Evaluated the objectivity independence and competence of the valuation specialist engaged by Company.
• Evaluated the appropriateness of the key assumptions used in estimating future cash flows such as revenue growth rate discount rate terminal growth rate including the possible effects of COVID-19.
We have identified the aforesaid matter as a key audit matter since it involves significant judgement in making the above estimates especially in view of significant losses incurred by its step down subsidiary and the highly uncertain economic environment and hence the actual results may differ from those estimated at the date of approval of these standalone financial statements. This evaluation was based on our knowledge of the Company and the industry observable market data past performances consistency with the Board approved plans and inquiries of the auditors of the subsidiary.
• Performed procedures in respect of sensitivity analysis of the key assumptions used in the valuation model.
• Assessed the adequacy of the disclosures in the standalone financial statements.

Other Information

The Company’s management and Board of Directors are responsible for the otherinformation. The other information comprises of reports such as Board’s ReportManagement Discussion and Analysis Corporate Governance Report and BusinessResponsibility Report (but does not include the financial statements and ourauditors’ report thereon) which we obtained prior to the date of this Auditor’sReport and the remaining sections or Annual report which are expected to be madeavailable to us after that date.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated. If based on thework we have performed on the other information that we obtained prior to the date of thisAuditor’s Report we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

When we read the remaining sections of Annual Report if we conclude that there is amaterial misstatement therein we are required to communicate the matter to those chargedwith governance and take necessary actions as applicable under the applicable laws andregulations.

Management’s and Board of Directors’ Responsibility for the StandaloneFinancial Statements

The Company’s Management and Board of Directors are responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standalonefinancial statements that give a true and fair view of the state of affairs profit/lossand other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the standalone financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the standalone financial statements the Management and Board ofDirectors are responsible for assessing the Company’s ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financialreporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements. As part of an auditin accordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3) (i) ofthe Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the standalone financial statements madeby the Management and Board of Directors.

Conclude on the appropriateness of the Management and Board of Directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company’s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor’sreport to the related disclosures in the standalone financial statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our auditor’s report. However future events orconditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditors’ report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

The standalone financial statements of the Company for the year ended March 31 2020were audited by the predecessor auditors who had expressed an unmodified opinion on thosestandalone financial statements dated June 18 2020.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2016 ("theOrder") issued by the Central Government in terms of section 143 (11) of the Act wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

2. (A) As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c) The standalone balance sheet the standalone statement of profit and loss (includingother comprehensive income) the standalone statement of changes in equity and thestandalone statement of cash flows dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under section 133 of the Act.

e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(B) With respect to the other matters to be included in the Auditors’ Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations as at March 31 2021 onits financial position in its standalone financial statements - Refer Note 38 to thestandalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The disclosures in the standalone financial statements regarding holdings as wellas dealings in specified bank notes during the period from November 8 2016 to December30 2016 have not been made in these financial statements since they do not pertain to thefinancial year ended March 31 2021.

(C) With respect to the matter to be included in the Auditors’ Report undersection 197(16): In our opinion and according to the information and explanations given tous the remuneration paid by the company to its directors during the current year is inaccordance with the provisions of Section 197 of the Act. The remuneration paid to anydirector is not in excess of the limit laid down under Section 197 of the Act. TheMinistry of Corporate Affairs has not prescribed other details under Section 197(16) whichare required to be commented upon by us.

For B S R & Co. LLP

Chartered Accountants

Firm’s Registration No. – 101248 W/W-100022

S Sethuraman

Partner

Membership No. 203491

UDIN: 21203491AAAADC1511

Place: Chennai

Date: May 21 2021

Annexure A to the Independent Auditors’ Report

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets / property plant and equipment.

(b) The Company has a programme of physical verification of its property plant andequipment by which property plant and equipment are verified in a phased manner overthree years. Pursuant to such programme a portion of property plant and equipment hasbeen physically verified by the management during the year and no material discrepancieswere noticed on such verification

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of all the immovable propertieswhich are freehold are held in the name of the Company. In respect of certain immovableproperties of land and buildings whose title deeds have been pledged with banks assecurity for term loans our reporting under this clause is based on confirmationsreceived from such banks that the immovable properties are held in the name of theCompany. In respect of immovable properties taken on lease and disclosed as rightof-use-assets in the standalone financial statements the lease agreements are in the nameof the Company.

(ii) Inventory except goods in transit and certain stocks lying with third parties hasbeen physically verified by the management during the year. In our opinion the frequencyof such physical verification is reasonable. Based on the information and explanationsgiven to us no material discrepancies were noticed during such physical verification.

(iii) According to the information and explanations given to us the Company has notgranted any loans during the year to parties covered in the register maintained undersection 189 of the Act. Accordingly paragraph 3(iii)(a) of the Order is not applicable.In respect of the loans granted during the prior years to one party covered in theregister maintained under section 189 of the Act the schedule of repayment of principaland payment of interest respectively has been stipulated and repayments or receipts ofprincipal amounts and interest have been regular as per stipulations and that there is nooverdue amount remaining outstanding as at March 31 2021.

(iv) According to the information and explanations given to us the Company hascomplied with the provisions of section 185 and 186 of the Act with respect to the loansinvestments and guarantees given. As explained the Company has not given any security asat March 31 2021.

(v) According to the information and explanations given to us the Company has notaccepted any deposits as mentioned in the directives issued by Reserve Bank of India andthe provisions of sections 73 to 76 or any other relevant provisions of the Act and therules framed thereunder. Accordingly paragraph 3(v) of the Order is not applicable.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under section 148 (1) of the Act inrespect of any of the activities of the Company. Accordingly paragraph 3 (vi) of theOrder is not applicable.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund employees’state insurance income-tax duty of customs goods and services tax and any othermaterial statutory dues have generally been regularly deposited during the year by theCompany with the appropriate authorities. As explained to us the Company did not have anydues on account of value added tax sales tax duty of excise service tax and cess.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income-tax duty ofcustoms goods and services tax and any other material statutory dues were in arrears asat March 31 2021 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us the dues of income taxsales tax service tax duty of excise and value added tax that have not been deposited bythe Company on account of disputes is set out in Appendix I.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans or borrowings to banks or financialinstitutions. The Company has not taken any loans or borrowings from government and hasnot issued any debentures.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. According to information andexplanations given to us money raised through term loans during the year has beenutilised for the purpose for which there were raised.

(x) According to the information and explanation given to us no material fraud by theCompany or on the Company by its officers or employees have been noticed or reportedduring the year.

(xi) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the managerial remuneration for the year endedMarch 31 2021 has been paid or provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Act and rules framedthereunder.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with the provisions of section 188 and 177 of the Act where applicable and thedetails of the such transactions have been disclosed in the standalone Ind AS financialstatements as required by the Indian Accounting Standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made preferential allotment ofshares during the year in respect of which the requirements of section 42 of theCompanies Act 2013 as applicable have been complied with; and the amounts raised havebeen applied for the purposes for which the funds were raised. The Company has not issuedany debentures during the year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with them during the year. Accordinglyparagraph 3 (xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For B S R & Co. LLP

Chartered Accountants

Firm’s Registration No. – 101248 W/W-100022

S Sethuraman

Partner

Membership No. 203491

UDIN: 21203491AAAADC1511

Place: Chennai

Date: May 21 2021

Annexure B to the Independent Auditors’ report on the standalone financialstatements of Rane (Madras) Limited for the year ended March 31 2021

Report on the internal financial controls with reference to the aforesaid standalonefinancial statements under Clause (i) of Sub-section 3 of Section 143 of the CompaniesAct 2013 (Referred to in paragraph 2(A)(f) under ‘Report on Other Legal andRegulatory Requirements’ section of our report of even date)

Opinion

We have audited the internal financial controls with reference to financial statementsof Rane (Madras) Limited ("the Company") as of March 31 2021 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat date.

In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at March 31 2021 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the "Guidance Note").

Management’s Responsibility for Internal Financial Controls

The Company’s management and the Board of Directors are responsible forestablishing and maintaining internal financial controls based on the internal financialcontrols with reference to financial statements criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013 (hereinafterreferred to as "the Act").

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing prescribed undersection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols with reference to financial statements. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements were established and maintained and whether such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to financial statements and their operatingeffectiveness. Our audit of internal financial controls with reference to financialstatements included obtaining an understanding of such internal financial controlsassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlswith reference to financial statements.

Meaning of Internal Financial controls with Reference to Financial Statements

A company’s internal financial controls with reference to financial statements isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company’s internal financialcontrols with reference to financial statements include those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea material effect on the Standalone financial statements.

Inherent Limitations of Internal Financial controls with Reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to Standalone financial statements to future periods are subject to the riskthat the internal financial controls with reference to standalone financial statements maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

For B S R & Co. LLP

Chartered Accountants

Firm’s Registration No. – 101248 W/W-100022

S Sethuraman

Partner

Membership No. 203491

UDIN: 21203491AAAADC1511

Place: Chennai

Date: May 21 2021

Appendix I to the Independent Auditors’ Report

Details of material statutory dues which have not been deposited on account of anydispute

Nature of dues Name of the statute Forum where the dispute is pending Period to which the amount relates Disputed amount (in INR crores) Amounts unpaid (in INR crores) *
Excise Duty Central Excise Act 1945 Customs Goods & Service tax Appellate Tribunal Chennai 2012-13 0.75 -
Service Tax Finance Act 1994 Customs Goods & Service tax Appellate Tribunal Chennai 2007-08 to 2011-12 0.72 -
Customs Goods & Service tax Appellate Tribunal Chennai 2007-08 to 2011-12 0.20 0.20
Assistant Commissioner Nizamabad 2011-12 0.07 0.04
Sales tax /VAT Maharashtra VAT Act 2002 Commissioner of Sales Tax (Appeals) Pune 2005-06 2006- 07 and 2008-09 1.10 1.08
Tamil Nadu Value Added Tax Act 2006 Additional Commissioner Alandur Tamil Nadu 2011-12 to 2015-16 0.28 -
Tamil Nadu Value Added Tax Act 2006 Additional Commissioner Alandur Tamil Nadu 2014-15 2016- 17 and 2017-18 1.93 1.93
Karnataka Value Added Tax Act 2003 Commissioner of Sales Tax (Appeals) Mysore 2013-14 to 2016-17 0.46 0.46
Puducherry Value Added Tax Act 2007 Commissioner of Sales Tax (Appeals) Pondicherry 2010-11 0.05 0.01
Uttarakhand Value Added Tax Act 2005 Joint commissioner of Sales Tax (Appeals) Uttaranchal 2011-12 0.60 0.59
Sales tax /VAT Haryana Value Added Tax Act 2003 Commissioner of Sales Tax (Appeals)- Gurgaon 2014-15 0.01 0.01
Telangana Value Added Tax Act 2005 Telangana High Court 2012-13 1.40 1.40
Telangana Entry of Goods into Local Areas Act 2001 AP & Telangana High Court 2011-12 to 2017-18 1.07 0.80
Telangana Value Added Tax Act 2005 Commissioner (Appeals) 2012-13 to 2015-16 0.07 0.05
Income tax Income Tax Act 1961 Supreme Court 1997-98 0.31 0.31
Commissioner of Income Tax (Appeals) 2008-09 7.52 5.52
Commissioner of Income Tax (Appeals) 2009-10 0.19 0.19
Commissioner of Income Tax (Appeals) 2010-11 1.91 1.91
Commissioner of Income Tax (Appeals) 2012-13 2.39 1.82
Commissioner of Income Tax (Appeals) 2013-14 0.13 0.13
Commissioner of Income Tax (Appeals) 2016-17 3.14 3.14
Commissioner of Income Tax (Appeals) 2018-19 0.46 0.46

.