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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 August 2010 if a Pvt. Co. Received Advance Against Sale a sum of Rs. 20 lacs through banking channel and sale thereafter could not be made, as the purchaser passed away and no legal heir is tracable. now what is the treatment of Rs. 20 lacs under income tax in the books of seller.
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CA PRAMOD SARAOGI

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CA PRAMOD SARAOGI (Expert)
24 August 2010 The company is liable to refund the amount to the legal heirs and it has to hold the amount till the legal heir is traceable After a considerable period of time normally, 3 years a pblic notice should be given before writing off the amount in the books of accounts . This amount would be treated as the Income of the seller in case the legal heir is not traceable.
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