Under which section of income tax, Prior period items are allowable or disallowable expenses?
plz also mention case law in this respect, if any?
2 Replies
CA rahul
(BCOM(H) ACA)
(725 Points)
Replied 07 December 2012
hi dhanesh
there is no specific section dealing with either as allowable or disallowable of prior period expense.howver one of the condition for allowance of expenditure under sec 37 is that - exp should be incurred during the previous year .you can refer urban improvement Co (p) ltd .ITA No 3246/Mum/2006 for the allowability under sec 37.
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