savita madhavan (Article) (37 Points)
30 September 2010An assessee(Company) debits sales tax paid in FY 2009-10 which pertains to FY 2008-09 for which no provision was provided. whether the expenditure will be disallowed as prior period item or can it be claimed as deduction in AY 2010-11 the reason being even if provision was provided in FY 2008-09 itself the same would have been diallowed u/s 43B?
Krishan
(Service)
(633 Points)
Replied 30 September 2010
It will be disallowed...As prior period expenses doesnt nt takes into provision in books...and also prior period expenses doesnt get affected with 43B....
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
