https://www.taxtmi.com/caselaws?id=286381 The High Court of Bombay ruled in favor of the assessee, partially allowing the appeal and setting aside the disallowance of prior period expenses amounting to &8377; 2,31,71,040. The court clarified that expenses covered by Section 43(B) of the Income Tax Act could be claimed in a subsequent year if they were actually paid, even if not claimed in the previous year. This decision provided clarity on the timing of claiming expenses and deductions, emphasizing the actual payment or incurrence of expenses as the determining factor for eligibility. en-us Thu, 01 Feb 2018 00:00:00 +0530 Mon, 24 Feb 2020 08:58:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286381 The High Court of Bombay ruled in favor of the assessee, partially allowing the appeal and setting aside the disallowance of prior period expenses amounting to &8377; 2,31,71,040. The court clarified that expenses covered by Section 43(B) of the Income Tax Act could be claimed in a subsequent year if they were actually paid, even if not claimed in the previous year. This decision provided clarity on the timing of claiming expenses and deductions, emphasizing the actual payment or incurrence of expenses as the determining factor for eligibility. Case-Laws Income Tax Thu, 01 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286381