https://www.taxtmi.com/caselaws?id=772587 Prior period expenditure was claimed as deductible in the year the liability crystallised, because the recipient had not completed the required formalities earlier. The Revenue contended that the expenditure related to earlier years and was not allowable under section 37(1) of the Income-tax Act, 1961. The Tribunal accepted the crystallisation basis and applied the principle that such expenditure may be allowed in the year in which the liability becomes ascertained, with the assessee succeeding on the ground pressed. en-us Wed, 26 Mar 2025 00:00:00 +0530 Wed, 11 Jun 2025 08:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772587 Prior period expenditure was claimed as deductible in the year the liability crystallised, because the recipient had not completed the required formalities earlier. The Revenue contended that the expenditure related to earlier years and was not allowable under section 37(1) of the Income-tax Act, 1961. The Tribunal accepted the crystallisation basis and applied the principle that such expenditure may be allowed in the year in which the liability becomes ascertained, with the assessee succeeding on the ground pressed. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772587