https://www.taxtmi.com/caselaws?id=306933 The Tribunal upheld the decision of the ld. CIT(A) regarding the allowability of prior period expenses, confirming that the assessee did not include these expenses in the computation of income. In a separate appeal, the Tribunal modified the ld. CIT(A)'s order, allowing netting of prior period expenses against prior period income but directing the Assessing Officer to verify and potentially disallow net prior period expenses debited to the profit and loss account of the current year if not crystallized during that year. The appeal of the Revenue was dismissed in one case and allowed for statistical purposes in the other, emphasizing the importance of proper verification and adjustment of prior period expenses in income computations. en-us Fri, 28 Nov 2014 00:00:00 +0530 Tue, 07 Mar 2023 00:20:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306933 The Tribunal upheld the decision of the ld. CIT(A) regarding the allowability of prior period expenses, confirming that the assessee did not include these expenses in the computation of income. In a separate appeal, the Tribunal modified the ld. CIT(A)'s order, allowing netting of prior period expenses against prior period income but directing the Assessing Officer to verify and potentially disallow net prior period expenses debited to the profit and loss account of the current year if not crystallized during that year. The appeal of the Revenue was dismissed in one case and allowed for statistical purposes in the other, emphasizing the importance of proper verification and adjustment of prior period expenses in income computations. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306933