In return mistake adv from debtors put in unsecured loan

This query is : Resolved

Gopal vithaldas soalnki (Querist)
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27 November 2016 In income tax return for A.Y.- 2014-15 the Advance received from debtors by mistake put under head unsecured loan .

How to get resolve this. Does it as any penalty ? what are the tax liability arises due to this mistake.
Please guide for this query raised under scrutiny .

Shyam Lal Naik

Shyam Lal Naik (Expert)
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27 November 2016 In my view, the mistake needs to be explained in assessment proceeding, if there be any scrutiny. The true nature can be explained with subsequent supplies to the customer against the advance. This should not attract any penalty or tax liability.