https://www.taxtmi.com/forum/issue?id=2278 Deductibility of prior period items turns on whether expenses were incurred in the relevant previous year and can be substantiated on accrual, while certain liabilities are allowable only in the year of payment. Revision of a prior-year return to claim such items is available only under the statutory revision provision when the original return was timely filed and limitation has not expired; the taxpayer must show the omission was bona fide and accept the potential for extended scrutiny when choosing revision versus current-year claim. en-us Fri, 08 Oct 2010 11:00:38 +0530 Thu, 23 Jan 2025 15:58:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2278 Deductibility of prior period items turns on whether expenses were incurred in the relevant previous year and can be substantiated on accrual, while certain liabilities are allowable only in the year of payment. Revision of a prior-year return to claim such items is available only under the statutory revision provision when the original return was timely filed and limitation has not expired; the taxpayer must show the omission was bona fide and accept the potential for extended scrutiny when choosing revision versus current-year claim. Discussion-Forum Income Tax Fri, 08 Oct 2010 11:00:38 +0530 https://www.taxtmi.com/forum/issue?id=2278