TaxTMI 
TaxTMI 
Income disclosed during the search and seizure under section 132(4) can be brought into books of account subsequently and can be capitalized ?
SEARCH AND SEIZURE
30 May 2015 
1 Reply 
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Disclosure under section 132(4) permits income to be recorded in books and capitalized when disclosed and taxed.
Income disclosed during a search and seizure may be recorded in the taxpayer's books and treated as capitalized provided the disclosure was made during the search process and applicable taxes have been paid, making such book entry and capitalization permissible as a matter of compliance. (AI Summary)
Income disclosed during a search and seizure may be recorded in the taxpayer's books and treated as capitalized provided the disclosure was made during the search process and applicable taxes have been paid, making such book entry and capitalization permissible as a matter of compliance. (AI Summary)