https://www.taxtmi.com/caselaws?id=296529 The Tribunal dismissed the revenue's appeal, upholding the deletion of prior period expenses addition by the Ld. CIT (A). It emphasized recognizing expenses crystallized during the relevant assessment year under the mercantile accounting system. The Tribunal found the revenue's arguments lacking justification and cited legal precedents supporting the allowance of genuine expenses incurred in the current year, even if related to previous transactions. The decision, pronounced on 27/10/2017, favored the assessee, affirming the deletion of the prior period expenses addition. en-us Fri, 27 Oct 2017 00:00:00 +0530 Tue, 27 Jul 2021 08:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296529 The Tribunal dismissed the revenue's appeal, upholding the deletion of prior period expenses addition by the Ld. CIT (A). It emphasized recognizing expenses crystallized during the relevant assessment year under the mercantile accounting system. The Tribunal found the revenue's arguments lacking justification and cited legal precedents supporting the allowance of genuine expenses incurred in the current year, even if related to previous transactions. The decision, pronounced on 27/10/2017, favored the assessee, affirming the deletion of the prior period expenses addition. Case-Laws Income Tax Fri, 27 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296529