intelligent question. any one can solve?

Preceding Financial year can be any financial year that precedes a financial year.If preceding financial year is used anywhere it may mean any financial year there is no clarity as to which financial year is referred to(it covers in its ambit all the financial years that precedes the relevant financial year)whereas if immediately financial year is written there is clarity that the financial year that is just preceding the financial is only being referred to in any provision. Thus 'immediately preceding financial year' is more specific and gives more clarity.

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Use of terms Preceding Financial Year and Immediately Preceding Financial  Year

Preceding Financial Year is used when law wants to refer to previous year with more than one previous years. For example Query as to enclosing balance sheets of preceding three finacial years and so on. (Kind of, Plural)

Immediately Preceding Financial Year is used when law wants to refer to previous year. For example Query as to enclosing balance sheets of immediately preceding finacial year and so on. (Kind of, Singualar)

 

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