Dear Friends,
Kindly Let me know, If any Asset (Plot of Land ) has not been accounted for in the books at the time of purchase and 10 years have been passed .
1.) Can the assessee show this asset into Balance Sheet by increasing capital a/c as well as Assets a/c ?
2.) Whether this Asset can be Taxed as undisclosed investment.(10 Yrs.have passed).
3.) Is it a legal accounting transaction ?
4.) Impact of this transaction upon Tax Authorities ?
kindly reply.
regards ,
Rahul
CAclubindia
