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Repayment of advance paid to purchase land

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 November 2013 A company paid to a landlord a sum of money for example 10 lakh to purchase his land. After few years dispute arise and repaid the advance with interest and compensation for example 15 lakhs. how it should be accounted it in compliance with Revised Schedule?
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Ganeshbabu K

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Ganeshbabu K (Expert)
01 November 2013 recognise as income in statement of profit and loss in note "Other Income"
.
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it is indirect income hence you should not account it as revenue from operations
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CA UMESH DULAL

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CA UMESH DULAL (Expert)
01 November 2013 Treat the interest paid as expenses
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