Prior period expenses disallowed in first year of business. Reassessment quantum addition can't be challenged via rectification order. https://www.taxtmi.com/highlights?id=79248 Validity of order passed u/ss 154/147/143(3) - Disallowance of prior period expenses - Relevant previous year being first year of assessee's business, no prior period expenses existed - Quantum addition and charging of interest in reassessment order u/s 147/143 cannot be raised during appellate proceedings initiated due to revision/rectification order u/s 154/147/143(3) - Rectification order cannot challenge validity and quantum addition made in reassessment order - Appeal challenging quantum addition dismissed. en-us Tue, 09 Jul 2024 07:52:29 +0530 Tue, 09 Jul 2024 07:52:29 +0530 TaxTMI RSS Generator Prior period expenses disallowed in first year of business. Reassessment quantum addition can't be challenged via rectification order. https://www.taxtmi.com/highlights?id=79248 Validity of order passed u/ss 154/147/143(3) - Disallowance of prior period expenses - Relevant previous year being first year of assessee's business, no prior period expenses existed - Quantum addition and charging of interest in reassessment order u/s 147/143 cannot be raised during appellate proceedings initiated due to revision/rectification order u/s 154/147/143(3) - Rectification order cannot challenge validity and quantum addition made in reassessment order - Appeal challenging quantum addition dismissed. Highlights Income Tax Tue, 09 Jul 2024 07:52:29 +0530 https://www.taxtmi.com/highlights?id=79248