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Tax treatment of Prior Period Items

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(Querist)
22 October 2009 What will be the treatment of Prior Period items in Income tax.

Whether the income will be taxed in current year or in the year to which it pertains ?
Please quote relevant reference. Thanx.
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Rajeev

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Rajeev (Expert)
23 October 2009 It will be taxed in the year in which the item relates , unless you can satisfy the AO , that no provision was required for that income ,depending on your case .

You run the risk of 147(Income escaping assessment)

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