Prior period expenses - The expenditure is not to be disallowed ...

Expenditures from prior years allowed in current year if crystallized, under mercantile accounting for income tax.

January 27, 2020

Case Laws Income Tax AT

Prior period expenses - The expenditure is not to be disallowed merely because it related to earlier previous year. In short under mercantile system of accounting the liability is allowable in the year it crystallized.

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Prior period expenses - The expenditure is not to be disallowed ...

Expenditures from prior years allowed in current year if crystallized, under mercantile accounting for income tax.

January 27, 2020

Case Laws Income Tax AT

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