Disallowance of prior period adjustments
This query is : Resolved
25 September 2008
Is there any section under income tax act regarding disallowance of prior period adjustment.
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
regards,
sandeep aggarwal
26 September 2008
The solution is to revise the return for earlier year claiming the expenditure.
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