Adjustment

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 December 2014 Can we claim deduction in income on prior period adjustment debit balance?

19 December 2014 pls mention the item of income..........

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
19 December 2014 My question is while computing Current year Income Tax, we can adjust prior period expenses against current yr incomes or not??

19 December 2014 if such exp wasnt taken as deduction prev year then yes.

20 December 2014 Dear Mr. Sampat prior period expenses are not allowed in all cases if earlier no provision has been made under section 37.

Further, prior period income will be Taxable in all cases under section 152(1)

Therefore, no adjustment are possible at all.

For main query also you can not adjust prior period income with debit balance

20 December 2014 you can adj the previous year exp. if you file the return of income on time. loss carried forward in income tax return then you can claim the loss in current year return .

20 December 2014 please provide a refrence or supporting for non allowance of prior period items as dedcution in current year or any case law

20 December 2014 Dear Mr. Sampat you can refer the following ruling of ITAT in case of M/s. Tipco Industries Ltd. Vs. ACIT


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro

Follow us
add to google news


Answer Query



Company
29 June 2026
ACCOUNTANT

SANDEEP AASHISH & CO

Araria

B.Com

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
22 June 2026
Finance Manager- Chartered Accountant

Triveni Turbine Limited

Bengaluru

CA

View Details
Company
ARTICLESHIP 28 June 2026
Article Assistant

Sharma Chetan And Company

Gurgaon

CA Inter

View Details