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Prior period expenses

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ramesh vadnala

ramesh vadnala (Querist)
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27 November 2007 Please tell me under which section prior period expenses are disallowed in incometax

R.V.RAO (Expert)
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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

KAAPIL (Expert)
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27 November 2007 Section 37.

Ravikumar.G

Ravikumar.G (Expert)
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29 November 2007 In the eyes of law Prior period expenditures are disallowed

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