Home Highlights April 2017 Year 2017 This

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

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

3. 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...

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

5. Disallowance to the extent of 20% of the expenditure relating it to period prior to the setting of PO in India - when it is not possible to verify if the expenditure...

6. Entitlement to set off interest finance and professional and other charges from the interest income for the next assessment year - prior period expenditure - Deduction allowed - HC

7. Prior period expenditure - recognition on the basis of finalization of negotiations - deduction is not permissible in assessment year 2007-08, but, it is permissible in...

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

9. Prior period expenditure - Addition of legal and professional charges - if the Tax Consultant following its general practice raises the invoice upon conclusion of the...

10. Credit of service tax for the period prior to the date of registration allowed - AT