Working capital adjustment, comparable selection and trade receivables interest were revisited in transfer pricing, with key additions deleted and rem...
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Prior-period expenditure may be considered for the correct assessment year where its genuineness is undisputed and the surrounding circumstances support the claim. The text notes that the expenditure was not disputed by the revenue and, because the assessee was a public company, the court directed that the claim be examined for AY 2003-04 if a revised computation was filed within the stated time. The operative effect is that the assessee was permitted to seek consideration of the expenditure in the appropriate year, rather than having the claim rejected on the basis of timing alone.
Prior-period expenditure may be considered for the correct assessment year where its genuineness is undisputed and the surrounding circumstances support the claim. The text notes that the expenditure was not disputed by the revenue and, because the assessee was a public company, the court directed that the claim be examined for AY 2003-04 if a revised computation was filed within the stated time. The operative effect is that the assessee was permitted to seek consideration of the expenditure in the appropriate year, rather than having the claim rejected on the basis of timing alone.
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