prior period Expenses
This query is : Resolved
18 November 2010
Prior period expenses allowed in incometax???
18 November 2010
If you can prove that they materialised during the current year then they could be allowed.
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.
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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