i wanted to know that, whether cbdt has drawn a circulars on Prior Period Items?
what is the prior period items according to income tax act and its treatment under this act?
Kindly reply as soon as possible.
1 Replies
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 28 November 2009
Mostly the expenses are not alowable under the Act as one of the condition for 37(1) is that the expenses should relate to current year
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