[aaykarbhavan] Income escaping assessment

The assessment of a PSU was completed based on statement of accounts approved by the Board and audited u/s 44AB of the Income tax Act, subject to final audit by statutory auditor appointed by C & AG.

Later, it was noticed that one transaction of sale of share of unlisted company had resulted in capital gains. This was not accounted by the assessee, since the sale proceeds was received by it only in a later year, even though the transfer was effected during this year.

Since the assessment has been completed, what is the way out for the assessee to disclose this income and pay tax?

Devarajan.V



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