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Addition in capital account

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(Querist)
19 April 2022 In B/S of Prop. some amount of creditors was unclaimed for many years. and the same was added to capital account of prop. What will be effect on assessment in incometax. Can ITO charge tax. and further consequences,? Opinion sought
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 April 2022 It will be considered as undisclosed income and higher tax will be levied.
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MOHD SHAHID

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MOHD SHAHID (Querist)
24 May 2022 Thanks a lot sir, but I want to clear the concept > what will be scenario if unclaimed creditors added in income by assessee in ITR and tax paid on regular rates as per slabs. (Not higher rate of tax).
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 May 2022 Yes that is possible file ITR at normal rate.
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MOHD SHAHID

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MOHD SHAHID (Querist)
24 May 2022 Sir, Seetharaman, I am very thankful to clear my doubt.
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