Ids 2016

This query is : Resolved

suresh (Querist)
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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

Amol S Joglekar

Amol S Joglekar (Expert)
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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?

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