Easy Office
LCI Learning

Disallowance of prior period adjustments

This query is : Resolved 
Profile Image

Profile Image

(Querist)
25 September 2008 Is there any section under income tax act regarding disallowance of prior period adjustment.
Profile Image

SANDEEP AGGARWAL

Profile Image

SANDEEP AGGARWAL (Expert)
25 September 2008 Yes, u/s 37(1) which is residual section for PGBP" EXPENCES SHOULD RELATE TO CURRENT PERIOD". So prior period expenses can not be claimed while calculating busimess income.
regards,
sandeep aggarwal
Profile Image

S.Srinivasaraghavan

Profile Image

S.Srinivasaraghavan (Expert)
26 September 2008 The solution is to revise the return for earlier year claiming the expenditure.
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro
Live Budget News and Updates

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links