Disallowance of net prior period expenditure debited under ‘prior period expenses’ unsustainable

Maharashtra State Electricity Distribution Company Ltd Vs ACIT (ITAT Mumbai) ITAT Mumbai held that disallowance of net prior period expenditure debited under the head ‘prior period expenses’ unsustainable as expenditure duly allowed in earlier years by the Tribunal. Facts- The assessee company was engaged in the business of distribution of electricity in the State of Maharashtra. The assessee’s case was selected for scrutiny and notice u/s. 143(2) and 142(1) of the Act were issued and served upon the assessee. A.O. then passed the assessment order dated 29.03.2015 determining the total i...