https://www.taxtmi.com/caselaws?id=272047 Prior period expenditure was treated as allowable in the year in which the corresponding tax was actually deducted and remitted, where the payment itself was made during that year. Applying section 40(a)(ia) and its provisos, the Tribunal stated that once tax is deducted and paid within the statutory framework, the deduction cannot be denied merely because the expense relates to an earlier year, subject to verification of actual tax payment. The disallowance was therefore not sustained, and the claim was allowed in the year of deduction and remittance. en-us Fri, 22 Jan 2016 00:00:00 +0530 Thu, 25 Feb 2016 08:51:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272047 Prior period expenditure was treated as allowable in the year in which the corresponding tax was actually deducted and remitted, where the payment itself was made during that year. Applying section 40(a)(ia) and its provisos, the Tribunal stated that once tax is deducted and paid within the statutory framework, the deduction cannot be denied merely because the expense relates to an earlier year, subject to verification of actual tax payment. The disallowance was therefore not sustained, and the claim was allowed in the year of deduction and remittance. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272047