2019 (3) TMI 228

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.... 1. This Appeal under Section 260A of the Income Tax Act, 1961 (for short "Act") challenges the order dated 29/01/2016 of the Income Tax Appellate Tribunal (for short "Tribunal") partly allowing the Appeal filed by the Respondent-Assessee. The impugned order relates to Assessment Year 2010-2011. 2 The Revenue has urged only the following question of law for our consideration : "Whether on ....

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....13 disallowed the prior period expenses attributable to sugarcane purchase. 4. The issue eventually reached the Tribunal at the hands of the Respondent. In the impugned order the Tribunal noted the facts that the assessee had paid additional price to the farmers for purchase of sugarcane for the earlier season i.e. relating to season 2008-2009. The Assessee had initially paid to the farmers sug....

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....cane supplied at the rate of Rs. 1300/Per MT to bring it on par with the price of Rs. 1400/per MT paid by the other sugar factories. These payments during the previous year relevant to the assessment year was sought to be claimed as prior period expenses in the subject assessment year. On the above facts, the impugned order of the Tribunal concludes that the expenditure claimed as prior period exp....