12 July 2008
Your first query suggests that the Assessee is filing its Balance Sheet or submitting its particulars alongwith the Return of Income. Also, it has not been stated that the payment has been made or not. In case payment has also been made then it appears that the income equivalent to the amount spent for purchase of the said asset has escaped assessment. This is definitely a case of concealment. Otherwise, if the said asset has been purchased on credit and payment is still to be made then the purchase may be accounted for in the current year also.
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