https://www.taxtmi.com/caselaws?id=62508 The Tribunal allowed the Revenue's appeal, directing the addition of Rs. 25 lakhs as prior period adjustment to the income of the assessee for the relevant assessment year. The Tribunal emphasized the need for expenses to be proven to be incurred during the year and stated that adjustments in the books of account must meet accounting standards and tax regulations to qualify as deductions. The Tribunal also held that the CIT(A) erred in accepting an additional ground not raised before the AO without proper substantiation, ultimately ruling in favor of the Revenue. en-us Tue, 15 Jul 2003 00:00:00 +0530 Thu, 20 Jan 2011 11:37:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62508 The Tribunal allowed the Revenue's appeal, directing the addition of Rs. 25 lakhs as prior period adjustment to the income of the assessee for the relevant assessment year. The Tribunal emphasized the need for expenses to be proven to be incurred during the year and stated that adjustments in the books of account must meet accounting standards and tax regulations to qualify as deductions. The Tribunal also held that the CIT(A) erred in accepting an additional ground not raised before the AO without proper substantiation, ultimately ruling in favor of the Revenue. Case-Laws Income Tax Tue, 15 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62508