Rectification u/s 154 of Income Tax Act cannot be Invoked to Adjust prior period Expenses: ITAT deletes Addition [Read Order]

By Fathima Karama A.M - On August 25, 2023 12:00 pm - 2 mins read

Rectification - Income Tax Act - expenses - prior period expenses - ITAT deletes Addition - ITAT - Addition - taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding that the rectification under Section 154 of the Income Tax Act 1961 could not be invoked to adjust prior period expenses. The assessee, JBJ Technologies Ltd was subjected to limited scrutiny for Assessment Year 2015-16 under Section 143(3) of the Income…

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