Prior period expenditure - mercantile system of accounting - ...

Court Emphasizes Consistency in Mercantile Accounting: Prior Period Expenditures Must Be Allowed When Crystallized.

July 5, 2013

Case Laws Income Tax HC

Prior period expenditure - mercantile system of accounting - Revenue is required to adopt consistent approach and allow the expenditure which was crystallized during the assessment year - HC

View Source

← Previous Next →

Prior period expenditure - mercantile system of accounting - ...

Court Emphasizes Consistency in Mercantile Accounting: Prior Period Expenditures Must Be Allowed When Crystallized.

July 5, 2013

Case Laws Income Tax HC

You may also like:

Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a...

Addition on account of prior period expenditure - deducting prior period income From prior period expenditure is against well settled principles of law. - AT

Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

Disallowance of prior period expenses pertaining to expenditure crystallized or details received after completion of earlier years' audits. Genuineness not doubted,...

Disallowance of interest being prior period - Since assessee follows mercantile system of accounting and accounts are audited, claim disallowed - AT

Prior period expenditure cannot be disallowed simply by observing that it is not ascertainable whether this expenditure was incurred for earning a particular receipts...

The Appellate Tribunal addressed various issues in the case. Firstly, regarding disallowance u/s. 14A r.w.r. 8D, the Tribunal upheld the consistency principle in the...

Prior period expenditure - interest liability for the 22 month period - Assessee following mercantile system of accounting, with prudence and conservatism being...

Prior period expenditure - Whether Tribunal is right in holding that the expenditure was crystalized during the relevant previous year when the assessee hijmself has...

Reopening of assessment - prior period of expenses - mercantile system of accounting - The petitioner argued that the reliance on the assessment order for AY 2010-2011...

Disallowance of contingency expenses claimed by the assessee. The Assessing Officer (AO) disallowed the contingency expenses despite acknowledging that the total cost...

Income tax proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the...

Computation of book profit u/s. 115JB of the Act by excluding prior period item - difference in net profit/loss taken by the assessee and the AO on account of provision...

Addition of expenditure on provision for construction cost of various sites in view of mercantile system of accounting - matching concept of accountancy provision -...

Quick Updates: