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Accounting of undisclosed income

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21 December 2013 ABC LTD HAVING UNDISCLOSED INCOME OF Rs. 3 crore ( CASH TRANSACTION NOT RECORDED IN THE BOOKS BY SELLING DIAMOND JEWELLERY). UNDER SEARCH, IT HAS SHOWN IN THE RETURN AS UNDISCLOSED INCOME. WHETHER THAT CASH CAN BE DEPOSITED IN THE BANK NOW ?

kINDLY SUGGEST FOR ACCOUNTING OF UNDISCLOSED INOME
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
22 December 2013 once it is offered to tax, you can bring it in your books. So mark the entry Bank A/c to reserves. Don't route it through sales or you will end up increasing your taxable income twice.
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