Ids 2016
This query is : Resolved
15 September 2016
Dear sir,
Namaste.
One of my clients sold an asset (other than a capital asset ) in 2014-15 assessment year and provisions of
section 43 CA is attracted
.He had failed to disclose the income in 2014-15 AY.Now he wants to declare the undisclosed income Circulars are silent about the income of this nature.
Now the sale proceeds are in the form of cash.
Please clarify on this issue , mainly treatment of deemed income u/s 43 CA
I feel that sale consideration was fair market value and sale consideration less expenses can be declared
as income by ignoring deemed income.
I solicit your reply at the earliest. Regards
CA.V.Anantaraman
Namaste.
One of my clients sold an asset (other than a capital asset ) in 2014-15 assessment year and provisions of
section 43 CA is attracted
.He had failed to disclose the income in 2014-15 AY.Now he wants to declare the undisclosed income Circulars are silent about the income of this nature.
Now the sale proceeds are in the form of cash.
Please clarify on this issue , mainly treatment of deemed income u/s 43 CA
I feel that sale consideration was fair market value and sale consideration less expenses can be declared
as income by ignoring deemed income.
I solicit your reply at the earliest. Regards
CA.V.Anantaraman
Amol S Joglekar
(Expert)
15 September 2016
you need to disclose some more facts.....
being land and bulidings.......was it stock in trade OR agricultural land satisfying those conditions of not being a Capital Asset?
being land and bulidings.......was it stock in trade OR agricultural land satisfying those conditions of not being a Capital Asset?
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