https://www.taxtmi.com/caselaws?id=362675 The Tribunal overturned the disallowance of prior period expenses for AY 2011-12, amounting to Rs. 32.20 lakhs, made by the Assessing Officer and upheld by the CIT(A). The Tribunal ruled in favor of the assessee, a central public sector undertaking, stating that the expenses were legitimate, related to ongoing business operations, and aligned with the matching principle of income and expenses. It differentiated the case law cited by the Revenue and directed the AO to delete the disallowance, allowing the appeal of the assessee. en-us Wed, 27 Jun 2018 00:00:00 +0530 Sat, 30 Jun 2018 08:59:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362675 The Tribunal overturned the disallowance of prior period expenses for AY 2011-12, amounting to Rs. 32.20 lakhs, made by the Assessing Officer and upheld by the CIT(A). The Tribunal ruled in favor of the assessee, a central public sector undertaking, stating that the expenses were legitimate, related to ongoing business operations, and aligned with the matching principle of income and expenses. It differentiated the case law cited by the Revenue and directed the AO to delete the disallowance, allowing the appeal of the assessee. Case-Laws Income Tax Wed, 27 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362675