Land Sale -Not Accounted

This query is : Resolved

santhosh (Querist)
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21 September 2009 Hi all Pls solve this Case!

M/s XYZ P (ltd) has sold some acres of Land that was purchased some 15 years before. Now the sale was done in FY 2005-06. But the Company By Omission did not disclose/account this ( Either in the Books nor in the Return of Income).

Now they want to disclose/account this now and pay LTCG tax on this.What are the Ramifiactions on the taxation side. Also tell me how to account this books in FY 2008-09. Whether this is a Prior period item or not?

Urgent Pls Guide!

Thanks

Rajeev

Rajeev (Expert)
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22 September 2009 malafide intention wont be taken lightly by the dept , even if the assessee realises his mistake . take a good second opinion before proceeding on this , cos the assessee may land in a bigger trouble .
revision of It return not possible(time barred) , it will remain concealed income unless you come up with a legal way to disclose the concealed income .

if u disclose the facts to the AO , he may sent a notice u/s 148 for income escaping assessment(reassessment) . ( pls take a proper second opinion )