| 1. SIGNIFICANT ACCOUNTING POLICIES | ||||||
| A. | BASIS OF PREPARATION OF FINANCIAL STATEMENTS | |||||
| These financial statements have been prepared on historical cost convention (other than revaluation of Fixed Assets) and in compliance with all applicable accounting principles in India, the applicable Accounting Standards notified under section 211 (3c) of the Companies Act,1956 and relevant provisions of the Companies Act. | ||||||
| B. | FIXED ASSETS | |||||
| Land and Land Development cost is stated at valuation made by Professional valuers as on 30th September 2008. | ||||||
| C. | TAXATION | |||||
| Current Tax is determined as the amount of tax payable in respect of taxable income for the year. Deferred tax is provided/recognised on timing difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent period subject to consideration of prudence. | ||||||
