Fixed Deposits Accrued Interest is covered under Current Assets or under Loans & Advances in Balance Sheet.

Pls give me advice on folowing from incometax point of view for my Employer





My employer is in Construction line & selling plots to customers



In F.Y 2007-2008 he has sold 2 plots and reced entire consideration. He has booked tis amount as sale in FY 07-08



But not a single agreement was executed between seller & buyer



Now this plot holder wants our company to sell out this plot to any available customer for which our company is ready



Pls guide me on how this transaction can be booked in Books of Accounts & what is the implication from income tax point of view



pls advice



Mahesh Godse

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