Non Recorded Assets

reena jain (CA ) (247 Points)

13 August 2009  

Dear Friends,

Kindly Let me know, If any Asset (Plot of Land ) has not been accounted for in the books at the time of purchase and 10 years have been passed .

1.) Can the  assessee show  this asset into Balance Sheet by increasing capital a/c as well as Assets a/c ?

2.) Whether this Asset can be Taxed as undisclosed investment.(10 Yrs.have passed).

3.) Is it a legal accounting transaction ?

4.) Impact of this transaction upon Tax Authorities ?

kindly reply.

regards ,

Rahul