Deductionn of exp

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abhishek jain (Querist)
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24 May 2012 Expenditure of a financial year accounted for in next financial year would be allowed for deduction in income tax in next financial year or not ?
Case.
Bill date 12 march 12
material received = 12 march 12
accounted for 4 april 12

would it be allowed in FY 12-13 ?

CA.Amit Revankar

CA.Amit Revankar (Expert)
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24 May 2012 Strictly as per income tax law , deduction is allowed in the year in which expenses is incurred.

Soumitra Basu

Soumitra Basu (Expert)
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25 May 2012 If you can prove that the material though received could not be used due to some reason beyond your control, then, the expenditure is deductible. Morover, material is deductible on consumption basis not on the basis of purchase.

Soumitra Basu

Soumitra Basu (Expert)
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