Unrecorded purchas of Previous year

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sudha-swati (Querist)
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28 August 2009 Unrecorded purchase of F.Y. 2007-08 is recorded in F.Y. 2008-09 in books of Accounts. Whether it should be treated as prior period item ? whether it should be disallowed in computation of Income as per I.T. Act?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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28 August 2009 you are wrong. when materail received it will be recoded. no need to panic.it will be treated as usual.

chetan soni

chetan soni (Expert)
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28 August 2009 agree with the expert.

But you need to mention the same in the tax audit report in clause 22 (b).
The reason for this is, the bill is dated for f.y. 07-08.

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