Should a EOU get exemption u/s 10 B for prior period Expenses?
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 20 September 2011
There is no concept of prior period expenses in IT Act. If the expenses is incurred/paid in the year of claim, the it is allowable in that year in spite of the same being related to some previous year if the liability to pay was crystallised only in the claim year
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