27 July 2009
land is in dispute (dealt by High Court). But sale deeds are clearly specified in our name. Advocate informed us the source document to recognize the asset in our books is sale deed. Hence we can recognize the asset in our books with a notes on accounts indicating dispute on land at High court. My question is whether i will so that land in my books of accounts if yes what will be the treatment.
Another qouestion what will be the profit or loss if i court final decision will go in my fabour or not and say the treatment
CAclubindia
