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Allowance or disaalowance of prior period expenses

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(Querist)
12 August 2013 Dear Sir,
I want to know that whether prior period expenses are allowed or disallowed under Income TAx Act,1961.

Please also tell me section under which its treatment is provided.

Regards
Dhiraj Kumar
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CA Vijeta Verma

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CA Vijeta Verma (Expert)
12 August 2013 yes allowed under PGBP under section 35D in 5 equal instalments subject to the condition that total expenditure should not exceed 5% cost of project( for other assessesee) or capital employed or cost of project for Indian company.Excess ignored.
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