HI...
ABC LTD REPORTED RS 50 LAKH AS UNSECURED LOAN AND ACCORDINGLY AUDITOR REPORTED THE SAME IN 269SS UNDER TAX AUDIT REPORT, NOW MANAGEMENT DECIDED TO SHOW THIS ENTRY IN FY 2017-18 AS ADVANCES AGAINST LAND. PLEASE ADVISE IS IT POSSIBLE TO DO SO AFTER REPORTING THIS ENTRY IN TAX AUDIT REPORT BY THE AUDITOR
2 Replies
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 22 June 2018
no it can not be as tax audit report is already submited to income tax department
Pankaj Arora
(Learner)
(3134 Points)
Replied 22 June 2018
But if we show this under trade advances instead of Unsecured loan in PY 2017-18, what will be consequences of this?
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