assess purchase of residential property previous years I.e. 2016.but assess purchase of property value undisclosed in accounting books and it returns.
question:
assess undisclosed property value accounting in books and it returns show in current year accepted in it act.
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Undisclosed property accounting treatment
Replies (1)
If it's residential property then no need to show in books as it's not used for business.
however if dept questions about purchase of property for the source of funds then you need to substantiate the source.
however if dept questions about purchase of property for the source of funds then you need to substantiate the source.
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