A very Interesting Query

This query is : Resolved

HITESH KHONA (Querist)
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05 August 2009 Hi All,
An agriculture land has been purchased and registered in the name of the person who ins no where connected with a pvt ltd co

Eg :-
A pvt Ltd has made payment for purchase of agriculture land to the broker, who has made the payment to the farmers.

now the land should be registed in the name of A pvt Ltd co. instead it is registered in the name of the person who is no where related with the co. i.e. he is niether a share holder nor have interest in the co.

Therefore what should be the treted given in the books of A pvt Ltd
Also the person in whose name the land is regsisted have filed thier return

Suggest the answer

Regards

Hitesh Khona

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 August 2009 The query is realy interesting one.
The person who has filed his return of income might have not shown the land in his personal balance sheet.

Evenif he has shown land then he must have shown the source of acquiring the said land.
Until the land is brought in the books of company, the company may show the amount as- Advance against Land Purchase.
Corrective action may be initiated in consultation with a good advocate.

INTERESTING QUERY'S INTERSTING ANSWER-
The advocate and the person(registered holder of the land) must be kept under strict watch.

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