whether prior period expenses are allowed under IT act.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2010 Dear Sir/Mam

I have some confusion regarding treatment of prior period expenses.

If some expenses of repair and maint. of plant & machinery (assumed not applicable for TDS) are related to the P.Y. 2008-09 and by mistake not booked in the same year but booked in the F.Y.2009-10.

Then whether these expenses are allowed as deduction as per Income Tax Act. and if not the under which section the same is disallowed. please refer relevant case law regarding the same, if any.

Thanks

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 August 2010 similar query has been replied in the forum section.
https://www.caclubindia.com/forum/whether-prior-period-expenses-are-allowable-under-it-act-101495.asp