prior period Expenses

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Rinky jhanwar

Rinky jhanwar (Querist)
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18 November 2010 Prior period expenses allowed in incometax???

Aditya Maheshwari

Aditya Maheshwari (Expert)
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18 November 2010 If you can prove that they materialised during the current year then they could be allowed.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 November 2010 If the characteristic of the prior period expenses are not of those covered in 40(a) /43B, it will be disallowed in current year's assessment.
However,in the case of CIT vs. Vishnu Industrial Gases , Delhi High Court held that if the tax rates were the same in both years, the department should not fritter away its energies in raising questions as to the year of deductibility /taxability.

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