Section 48(3) in The Tamil Nadu Apartment Ownership Rules, 1997
(3)The association shall, on or before the 31st day of July in each year, publish an audited financial statement in respect of the common areas and facilities containing-(a)the profit and loss accounts;(b)the receipts and expenditure of the previous financial year; or(c)a summary of the property and assets and liabilities of the common areas and facilities of the association giving such particulars as will disclose the general nature of these liabilities and assets and how the value of fixed assets have been arrived at.
