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export sales

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(Querist)
13 April 2009 one of my client is having export business, where he had exported Rs. 18 Lacs value goods in the month of
Feb 08 and the customer rejected half of the goods but stock was lying at them, and the my client supplied new goods in Nov 08 against same consignment . he had received Rs. 15 Lacs in Feb 08 . can he book his full sale in P.Y. 2008-2009 or half in earlier year and half in next year. please suggest
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vibhav shah

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vibhav shah (Expert)
13 April 2009 ON basis of document like Credit note from Foreign party or Goods Return, one can book sales return on basis of such third party (foreing Party)documentation. Care should be take to form Sales return document.
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CA.Hanumantha Reddy

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CA.Hanumantha Reddy (Expert)
13 April 2009 Pls look at your agreement entered with the party when the sale takes place. Since, the sale may take place after physically testing the goods. Further, accounting entry in your books of accounts is the year in which you exported goods only.
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