Sadrefund unclaimed

MR gautam,

you will only show Rs.105000 as recoverable from custom authorities, and the balance will lapse if 1 yr has elapsed from the date of import(as shown in Bill of Entry).

Hence show Rs.105000 as recoverable under current assets, and balance amount should be written off as irrecoverable, as chances of its recovery are slim (for more deatils, you can refer custom act 1962 and its rules).

But it will be better if you refer to a consultant for a professional advice. if needed i can give you contact details of a consultant (based in Delhi/NCR)