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Recent Decision
Whether expenditure related to prior period are eligible for deduction during the current year?
The answer is yes where liability was deter-mined and crystallized in the year in question.
Relied upon Decisions:
The following decision of Apex court has been distinguished:
Bharat Earth Movers Versus Commissioner of Income-Tax [2008 -TMI - 5816 - SUPREME Court]
Deductibility of prior-period expenditure confirmed where liability crystallizes, clarifying timing for income-tax deductions under law. Deductibility of prior-period expenditure depends on whether the liability is determined and crystallized in the current year; such expenditure is eligible for deduction when the obligation becomes fixed in that year, with the decision relying on supportive precedents and distinguishing a prior apex-court authority. of Press 'Enter' after typing page number.
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