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Prior period items

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(Querist)
09 March 2009 Section 145 of the Income Tax Act clarifies on the seperate disclosure of prior period items but doesnot specifically disallow it.

Is there no section that specially disallow prior period item? Please clarify on this matter
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SANDEEP AGGARWAL

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SANDEEP AGGARWAL (Expert)
09 March 2009 Section 36(1) which is residual section, disallow prior period items. As per Sec 36(1) it should relates to current period for allowability.


Regards,

Sandeep Aggarwal

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