Treatment of incorporation expenses

As per my knowledge, this situation is an error arising because of ommission. Consequently the incorporation expenses will be written off in the current year itself, but as an prior period item (AS 5).

Income Tax Act works on a different principle. One cannot claim expense in the current previous year on merely the grounds that the same have not been claimed in the preceeding previous years. If there is an oppurtuinity for revising the ITR then the same should be preferred.

For deferred tax effects, even I am waiting for a more valuable response.

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