https://www.taxtmi.com/caselaws?id=445045 Prior period expenditure was held allowable in the year of crystallisation where the liability became during the relevant assessment year and the assessee had consistently followed the same accounting treatment. The record showed separate disclosure of prior period income and expenses, and the Revenue did not rebut the finding that the impugned liabilities crystallised during the year. The consistent method of accounting under Section 145, together with acceptance of the same treatment in earlier years, supported allowance of the claim. On that basis, disallowance of the net prior period expenses was not sustainable. en-us Tue, 10 Oct 2023 00:00:00 +0530 Sat, 28 Oct 2023 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445045 Prior period expenditure was held allowable in the year of crystallisation where the liability became during the relevant assessment year and the assessee had consistently followed the same accounting treatment. The record showed separate disclosure of prior period income and expenses, and the Revenue did not rebut the finding that the impugned liabilities crystallised during the year. The consistent method of accounting under Section 145, together with acceptance of the same treatment in earlier years, supported allowance of the claim. On that basis, disallowance of the net prior period expenses was not sustainable. Case-Laws Income Tax Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445045