Accounting

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This query is : Resolved

Sanjay Jain (Querist)

11 July 2008 If an assessee forgot to account asset purchased in the books and return than can he account it in the next year or not?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

11 July 2008 Oh yes certainly he can and he should.

Sanjay Jain

Sanjay Jain (Querist)

11 July 2008 Than sir, the return filed in previous year was correct or defective?

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)

12 July 2008 Your first query suggests that the Assessee is filing its Balance Sheet or submitting its particulars alongwith the Return of Income. Also, it has not been stated that the payment has been made or not. In case payment has also been made then it appears that the income equivalent to the amount spent for purchase of the said asset has escaped assessment. This is definitely a case of concealment. Otherwise, if the said asset has been purchased on credit and payment is still to be made then the purchase may be accounted for in the current year also.

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