https://www.taxtmi.com/caselaws?id=789502 Prior period expenditure under the mercantile system could not be claimed as a deduction in the later assessment year merely because reimbursement from the Government had been pursued; the deduction was therefore disallowed for that year. However, because the expenditure was genuine and the alternate plea was confined to the proper year, the Court permitted the assessee to file a revised computation for the earlier assessment year so the claim could be examined by the Revenue. The principal legal issue was decided against the assessee, but limited relief was granted by allowing consideration of the claim in the correct assessment year. en-us Thu, 29 Jan 2026 00:00:00 +0530 Thu, 09 Apr 2026 08:09:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789502 Prior period expenditure under the mercantile system could not be claimed as a deduction in the later assessment year merely because reimbursement from the Government had been pursued; the deduction was therefore disallowed for that year. However, because the expenditure was genuine and the alternate plea was confined to the proper year, the Court permitted the assessee to file a revised computation for the earlier assessment year so the claim could be examined by the Revenue. The principal legal issue was decided against the assessee, but limited relief was granted by allowing consideration of the claim in the correct assessment year. Case-Laws Income Tax Thu, 29 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789502