SEARCH AND SEIZURE

[Eswara Rama Somayajulu]

Income disclosed during the search and seizure under section 132(4) can be brought into books of account subsequently and can be capitalized ?

[DR.MARIAPPAN GOVINDARAJAN]

In my view it can be brought into books of accounts since the same were disclosed and taxes have been paid for the same. If any alternative answer is got by you from any source please share the same in this forum.

AI Summary

Income Disclosed Under Section 132(4) Can Be Recorded in Books and Capitalized if Taxes Are Paid A query was raised regarding whether income disclosed during a search and seizure under section 132(4) of the Income Tax Act can be subsequently recorded in the books of accounts and capitalized. The response provided suggests that it is permissible to bring such disclosed income into the books, provided that taxes have been paid on it. The responder also invites alternative views or answers to be shared within the forum for further discussion.