Case Law Details
Case Name : M/s. Tipco Industries Ltd. Vs. The ACIT (ITAT Mumbai)
Related Assessment Year : 2004-05
Courts :
All ITAT ITAT Mumbai
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Ground No. 3 relates to disallowance of prior period expenses amounting to Rs. 2,33,864/-. The Ld. Counsel for the assessee submitted that expenses of petty nature have been written off during the year, details of which have been furnished during the course of assessment proceedings. The Ld. DR strongly supported the orders of lower authorities. We have considered the rival submissions and perused the orders of lower authorities. It is settled that the deductions can be permitted in respect of only those expenses which are incurred in the relevant accounting year for the purpose of computing y...
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What if supplier raise invoice for last year in current year as it was missed from their end and wanted us to pay so can we book such invoice and claim those expenses as it pertains to last to last year.
Please guide.
PLEASE NOTIFY ME VIA MAIL.. stha.dipen13@gmail.com
UNDER WHICH SECTION DOES PRIOR PERIOD EXPENSES ARE DISALLOWED UNDER it ACT,1961