Addition of Prior period expense - the genuineness of the ...

Tribunal Confirms Current Year Liability for Prior Period Expenses; Claim Cannot Be Denied by Authorities.

April 20, 2021

Case Laws Income Tax AT

Addition of Prior period expense - the genuineness of the expenses has not been doubted by the lower authorities. Since in the instant case the bills for expenses under consideration have been processed by various divisions of the assessee and finally approved in the year under consideration, and thus, respectfully following the decision of the Tribunal in the case of State Bank of Bikaner and Jaipur (supra), the liability for the expenses was finally settled and crystallised in the year under consideration. - Claim of expenses cannot be denied - AT

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Addition of Prior period expense - the genuineness of the ...

Tribunal Confirms Current Year Liability for Prior Period Expenses; Claim Cannot Be Denied by Authorities.

April 20, 2021

Case Laws Income Tax AT

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