Prior period expenses adjustment against the prior period income ...

Prior period expenses can offset taxable income without proving a direct link between them, providing tax relief.

October 30, 2019

Case Laws     Income Tax     HC

Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be allowed to be set off and the assessee is not obliged in law to indicate any direct or indirect nexus between the prior period income and prior period expenditure.

View Source