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2016 (2) TMI 697 - AT - Income TaxPrior period adjustments- Held that:- We have observed that the assessee had already claim depreciation allowances over the period and has claimed interest expenses either in a capitalized form or in Revenue form on the asset against the liability existent. The said liability no longer remains during the year under consideration. In fact the expenses was also claimed during the past years. The submission made by the assessee before the Assessing Officer that the same should have been treated prior period adjustments of ₹ 3,41,25,895/- and the same has been treated as Revenue receipt for the tax purposes. In light of this, the matter is remitted back on the short issue to the Assessing Officer.
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