Prior period items

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This query is : Resolved

Aakhri Pasta (Querist)
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09 March 2009 Section 145 of the Income Tax Act clarifies on the seperate disclosure of prior period items but doesnot specifically disallow it.

Is there no section that specially disallow prior period item? Please clarify on this matter

SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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09 March 2009 Section 36(1) which is residual section, disallow prior period items. As per Sec 36(1) it should relates to current period for allowability.

Regards,

Sandeep Aggarwal

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