TMI Blog2020 (12) TMI 924X X X X Extracts X X X X X X X X Extracts X X X X ..... expenses or any part of these expenses is related to Prior Period income of ₹ 5,42,11,607/- reported in same Schedule 8 of the Audited Accounts for F. Y. 2009 10 because if the same is related then the actual income on this account will be less and then only actual such income can be considered for deduction u/s 10A. On this aspect, neither any detail is made available before us nor there is any finding of AO or CIT (A). Hence, we restore this matter to AO for fresh decision. - ITA No. 2300/Bang/2019 (Assessment years : 2009 – 10) - - - Dated:- 19-10-2020 - SHRI N. V. VASUDEVAN, VICE PRESIDENT AND SHRI A. K. GARODIA, ACCOUNTANT MEMBER Assessee by: Shri Rajan Vora, C. A. Revenue by: Shri. Manjeet Singh, Addl. CIT DR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment year 2009 10. At this juncture, the bench pointed out that in the same Schedule 8 for F. Y. 2009 10, there are Prior Period Expenses of ₹ 4,82,55,683/- also reported for those very years for which Period income of ₹ 11,31,27,479/- is reported and such Prior Period Expenses also include ₹ 2,02,44,779/- and ₹ 42,19,802/- Total ₹ 2,44,64,581/- for F. Y. 2008 09 i.e. for the present assessment year 2009 10 and therefore, how the entire prior period income for this year reported at ₹ 5,42,11,607/- can be accepted as eligible for deduction u/s 10A. In reply, it was submitted by the learned AR of the assessee that these Prior Period Expenses are not related to this amount of Prior Period Income cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In our considered opinion, in principle, the deduction u/s 10A is allowable because this is offered by the assessee itself as Voluntary T P Adjustment and therefore, this issue in principle is covered in favour of the assessee by the tribunal order cited by the learned AR of the assessee as noted above. But on this factual aspect about Prior Period Expenses for F. Y. 2008 09 reported by the assessee in Schedule 8 of the Audited Accounts for F. Y. 2009 10 of ₹ 2,02,44,779/- and ₹ 42,19,802/- Total ₹ 2,44,64,581/-, this is not clear as to whether these expenses or any part of these expenses is related to Prior Period income of ₹ 5,42,11,607/- reported in same Schedule 8 of the Audited Accounts for F. Y. 2009 10 b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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