https://www.taxtmi.com/forum/issue?id=5456 Accounting treatment for seized cash requires recording the seized amount by debiting a receivable or restricted cash account and crediting cash, while simultaneously assessing and recognising a provision for tax liability based on applicable law and expert opinion. The seized amount should be presented on the balance sheet under a specific asset caption (seized cash receivable or restricted cash), and any tax provision should be shown under liabilities. The same approach applies if the seizure occurred in a prior period, with appropriate recognition and disclosure. en-us Thu, 21 Mar 2013 23:28:53 +0530 Thu, 23 Jan 2025 15:57:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5456 Accounting treatment for seized cash requires recording the seized amount by debiting a receivable or restricted cash account and crediting cash, while simultaneously assessing and recognising a provision for tax liability based on applicable law and expert opinion. The seized amount should be presented on the balance sheet under a specific asset caption (seized cash receivable or restricted cash), and any tax provision should be shown under liabilities. The same approach applies if the seizure occurred in a prior period, with appropriate recognition and disclosure. Discussion-Forum Companies Law Thu, 21 Mar 2013 23:28:53 +0530 https://www.taxtmi.com/forum/issue?id=5456