Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a consistent practice and a previous favorable decision by the ITAT Nagpur. Despite the Revenue's contestation based on accounting principles, the Tribunal upheld the CIT(A)'s decision in favor of the assessee, emphasizing consistency with past rulings. As a result, the Tribunal dismissed the Revenue's appeal, affirming the allowance of prior period expenses for the relevant assessment year.
Disallowance of prior period expenditure - Mercantile system - Matching principles of accounting - The assessee had claimed deduction for such expenses, citing a consistent practice and a previous favorable decision by the ITAT Nagpur. Despite the Revenue's contestation based on accounting principles, the Tribunal upheld the CIT(A)'s decision in favor of the assessee, emphasizing consistency with past rulings. As a result, the Tribunal dismissed the Revenue's appeal, affirming the allowance of prior period expenses for the relevant assessment year.
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