EXPENSES OF THE FIRM ::

Court :
HC

Brief :
Held by the Hon`ble Court that, it is an admitted fact that receipt against the work done prior to the formation received after the formation. Till received these expenses could not be claimed, therefore had to be carried forward and allowed in relevant assessment year.

Citation :
C.I.T. Vs. Guru Nanak Cunstruction CO.

Section 37 C.I.T. Vs. Guru Nanak Cunstruction CO. 03/01/2007 [2007] 294 ITR 294 (P&H) Case Fact: Whether, expenditure incurred prior to formation of firm is deductible in the hands of firm? Decision: Held by the Hon`ble Court that, it is an admitted fact that receipt against the work done prior to the formation received after the formation. Till received these expenses could not be claimed, therefore had to be carried forward and allowed in relevant assessment year.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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