Addition of Prior period expense - the genuineness of the ...

Income Tax

April 20, 2021

Addition of Prior period expense - the genuineness of the expenses has not been doubted by the lower authorities. Since in the instant case the bills for expenses under consideration have been processed by various divisions of the assessee and finally approved in the year under consideration, and thus, respectfully following the decision of the Tribunal in the case of State Bank of Bikaner and Jaipur (supra), the liability for the expenses was finally settled and crystallised in the year under consideration. - Claim of expenses cannot be denied - AT

View Source

← Previous Next →

Addition of Prior period expense - the genuineness of the ...

Income Tax

April 20, 2021

You may also like:

MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

ALLOWABILITY OF PRIOR PERIOD EXPENSES - Article

Prior period expenses - liability for over a 12 year period - HC confirmed the disallowance for salary of Managers, Officers on deputation from Hindustan Lever Ltd. for...

Genuineness of Expenses – Commission paid or not - Assessee could have procured the bullion without assistance of any agent - additions confirmed - HC

30% ad-hoc disallowance of travelling expenses being car charges, foreign travelling expenses and domestic travelling expenses - The Assessee argued that the expenses...

Genuineness of labour wages expenses, embroidery charges, fabrication expenses etc. - getting work done through small workmen who do not have any permanent place of...

TP adjustment on account of reimbursement of seafarer expenses - Revenue has only doubted the genuineness of the alleged reimbursement of expenses made by the assessee...

Annual web hosting charges treated as prior period expenses – AO is directed to verify and examine the claim of the assessee - AT

Prior period expense - Interest liability - Whether liability of earlier years has been crystallized in this year – Deduction allowed - AT

Addition on account of Business Promotion Expenses - personal element in the business promotion expenses to the extent of 10% of the total expenses cannot be ruled out.

Quick Updates: