Income declared in survey
This query is : Resolved
07 December 2013
What is the treatment of Income declared by income tax department in Survey conducted . There was conducted income tax department survey at our business premises and they calculated the undeclared income in the form of difference in stock valuation worth Rs.350 lacs. How will be this income treated in accounts. Please Guide me
07 December 2013
It is will declared as undisclosed income by it dept...you can show it as differnce in stock valuation account.
07 December 2013
But penalty can be imposed as per explanation 2 to section 271(1) if such income is booked and explained as source of any receipt, deposit or outgoing or investment in subsequent year.
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