SC REFUSES STAY ON AS-22

The Supreme Court (SC) has refused to stay Accounting Standard (AS) 22 though it admitted a plea challenging this new norm issued by the Institute of Chartered Accountants of India on deferred tax liability of listed companies. A bench headed by Justice S.H. Kapadia observed that the norms would continue to be in operation after Solicitor General G.E. Vahanavati and CA.N.K. Poddar, Senior Advocate opposed the petitions saying AS-22 has come into effect in 2001.