Prior Period Items
This query is : Resolved
30 August 2010
Purchases amounting to Rs. 10,00,000/- relating to FY 2008-09 received in FY 2008-09 but invoice dated FY 2008-09 is received in FY 2009-10. So Purchases are booked in FY 2009-10. Whether the same are allowed as per Income Tax Act?
30 August 2010
it is an expenditure of F.Y. 2008-09 as per accepted accounting norms
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