28 October 2015
In one of the A.Y. , a income of capital gain is not shown in ITR due to mistake. Now the scrutiny of that period has came because only of that high value transaction. My question is that while preparing the personal capital account and balance sheet to be given to the department should I take effect of that transaction in books in that particular A.Y. or it has to be remain undisclosed in books and on payment of demand the capital will be lowered in the year of demand.
also let me know the consequences of undisclosure in ITR.
28 October 2015
Since the case has called for scrutiny, you please do not underestimate the information the department might have gathered against you. To hide the earlier mistake, please do not commit series of subsequent ERRORs.