https://www.taxtmi.com/caselaws?id=410931 The ITAT allowed the appeal, directing the AO to permit the deduction of prior period expenses against prior period income, aligning with the Gujarat HC decision. The judgment emphasized the importance of following legal precedents for fair tax assessments, deleting the disallowance of prior period expenses. en-us Wed, 11 Aug 2021 00:00:00 +0530 Fri, 13 Aug 2021 08:51:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410931 The ITAT allowed the appeal, directing the AO to permit the deduction of prior period expenses against prior period income, aligning with the Gujarat HC decision. The judgment emphasized the importance of following legal precedents for fair tax assessments, deleting the disallowance of prior period expenses. Case-Laws Income Tax Wed, 11 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410931