Prior period expenses
This query is : Resolved
27 November 2007
Please tell me under which section prior period expenses are disallowed in incometax
27 November 2007
section 37 clearly says that the expenditure( in order to to be deductible) must have been incurred during the previous year.
so any exp. not satisfying this criterion is that of earlier years and disallowed.
R.V.RAO
so any exp. not satisfying this criterion is that of earlier years and disallowed.
R.V.RAO
29 November 2007
In the eyes of law Prior period expenditures are disallowed
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