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Case Law Details

Case Name : Pr. CIT Vs Dishman Pharmaceuticals And Chemicals Ltd (Gujarat High Court)
Related Assessment Year : 2006-07
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PCIT Vs Dishman Pharmaceuticals And Chemicals Ltd (Gujarat High Court)

Conclusion: Once the prior period income was held to be taxable, the prior period expenditure also should be allowed to be set off and assessee was not obliged in law to indicate any direct or indirect nexus between the prior period income and prior period expenditure.

Held: AO found that assessee credited net period income i.e. prior period income minus prior period expenses. AO took

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