Disallowing Expenses as ‘Prior Period Expenses’ Requires Examination of Liability Crystallization Year

DCIT Vs National Bank for Agriculture & Rural Development (ITAT Mumbai)

Without examining Year of year of crystallization of liability expenses cannot be disallowed merely because same was categorized as “Prior Period Expenses”

The dispute between the Deputy Commissioner of Income Tax (DCIT) and the National Bank for Agriculture & Rural Development (NABARD) before the Income Tax Appellate Tribunal (ITAT) in Mumbai revolves around the disallowance of prior period expenses for the assessment years (AY) 2012-13, 2013-14, and 2015-16.

The Asse

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