Expenditure written back next year
This query is : Resolved
Aashish M Deshpande
(Querist)
17 December 2011
Sir/Madam
In one of the cases the company taken service tax paid on transportation as an expenditure during the last year. But during next year the company decided to take cenvat credit of above and hence credited to prior period item.
I would like to ask whether this will be added to income in the current year ?
What else ?
Kindly let me know your valuable opinions.
Thanking you
In one of the cases the company taken service tax paid on transportation as an expenditure during the last year. But during next year the company decided to take cenvat credit of above and hence credited to prior period item.
I would like to ask whether this will be added to income in the current year ?
What else ?
Kindly let me know your valuable opinions.
Thanking you
Aijaz Shaikh
(Expert)
18 December 2011
It is taxable u/s 41 i.e. deemed income
Message likes :
1 times
Aashish M Deshpande
(Querist)
19 December 2011
Is there any possible way to get away with it...
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