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2014 (3) TMI 527 - AT - Income TaxAllowability of prior period expenses – Held that:- Major portion of prior period expenses is on account of interest expenses - the Assessee has also not produced any evidence with respect to the terms and conditions on which the Assessee had borrowed the amount - CIT(A) while upholding the order of AO has given a finding that the AO had allowed opportunity to the Assessee to give the details of prior period expenses and to prove as to how those expenses crystallized during the year but no such details were submitted by the Assessee either before AO or CIT(A) - the Assessee had submitted details and proved that the expenses crystallized during the year but no such details were submitted - Assessee has not placed any material to controvert the findings of CIT(A) – there was no material has been placed to prove that the liability of interest crystallized during the year – thus, there is no reason to interfere with the order CIT(A) – Decided against Assessee.
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