Under which section of income tax, Prior period items are allowable or disallowable expenses?
plz also mention case law in this respect, if any?
Menu
Prior period items
Replies (2)
hi dhanesh
there is no specific section dealing with either as allowable or disallowable of prior period expense.howver one of the condition for allowance of expenditure under sec 37 is that - exp should be incurred during the previous year .you can refer urban improvement Co (p) ltd .ITA No 3246/Mum/2006 for the allowability under sec 37.
Thanks Rahul
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
