Tax Deduction Approved for Prior Period Expenses Settled in Current Assessment Year, Says CIT(A) Decision.

Tax Deduction Approved for Prior Period Expenses Settled in Current Assessment Year, Says CIT(A) Decision. https://www.taxtmi.com/highlights?id=49785 Enhancement of income by the CIT(A) - Prior period expenditure - settlement of disputed expenditure - It is at this stage that the liability to pay can be said to have finally arisen. Once the liability to pay arose in the year relevant to the assessment under consideration, the same has to be allowed as deduction. en-us Fri, 18 Oct 2019 07:52:42 +0530 Fri, 18 Oct 2019 07:52:42 +0530 TaxTMI RSS Generator Tax Deduction Approved for Prior Period Expenses Settled in Current Assessment Year, Says CIT(A) Decision. https://www.taxtmi.com/highlights?id=49785 Enhancement of income by the CIT(A) - Prior period expenditure - settlement of disputed expenditure - It is at this stage that the liability to pay can be said to have finally arisen. Once the liability to pay arose in the year relevant to the assessment under consideration, the same has to be allowed as deduction. Highlights Income Tax Fri, 18 Oct 2019 07:52:42 +0530 https://www.taxtmi.com/highlights?id=49785