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Accounting treatment & tax implication

This query is : Resolved 
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(Querist)
01 August 2011 SINCE WE ARE PROVIDING WAREHOUSING SERVICES AND IN THE FINANCIAL YEAR 2010-11 AN ADVANCE AMOUNT OF 17500 RECEIVED FROM OUR CLIENT WHICH WAS DIRECTLY BOOKED INTO THE WAREHOUSING INCOMES INSTEAD OF ADVANCE RECEIVED FROM PARTY FURTHER WHEN THE SERVICE COMPLETED THE FINAL AMOUNT DID NOT ADJUSTED WITH THE ADVANCE AMOUNT RECEIVED AND FULL PAYMENT AGAIN RECEIVED FROM THE CLIENT IN THE FINANCIAL YEAR 2010-2011 ITSELF. NOW IN THE FINANCIAL YEAR 2011-2012 IT IS COME TO OUR NOTICE AND THE EXCESS AMOUNT OF 17500 IS TO REFUND TO THE PARTY.
SO PLEASE CLARIFY THE ACCOUNTING TREATMENT AND ANY TAX IMPLICATIONS IF WE REFUND THE AMOUNT IN THIS YEAR AS OUR CORPORATION HAS PAID 33.33% TAX ON SUCH INCOME.SO CAN WE PAY THE WHOLE AMOUNT OR AFTER SOME RECOVERY ?
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CA. Vikash Dwivedi

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CA. Vikash Dwivedi (Expert)
04 August 2011 it was due to omission which got dicovered in subsequent FY. In the current year it will be treated as prior period item.
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ajayCA

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ajayCA (Querist)
12 August 2011 thanks for the reply sir, further i want to know if there is any tax implication if return the same amount in this year i.e. 2011-2012
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