Allowability of prior period expenses
This query is : Resolved
Heman Chheda
(Querist)
19 June 2010
Are prior period expenses allowable as expenses while computing Total Taxable Income?? If no than please specify the relevant provisions or caselaws if any??
CMA Ramesh Krishnan
(Expert)
19 June 2010
Sec.37(1) For claiming Expenses while calculating the Tax, the expenses should have been incurred during the Pervious year . so Prior priod expenses not allowed
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