{"id":7845,"date":"2019-10-15T12:06:22","date_gmt":"2019-10-15T12:06:22","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-dishman-pharmaceuticals-and-chemicals-ltd-2019-417-itr-373-guj-hc-2\/"},"modified":"2021-04-30T13:20:32","modified_gmt":"2021-04-30T07:50:32","slug":"pcit-v-dishman-pharmaceuticals-and-chemicals-ltd-2019-417-itr-373-guj-hc-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-dishman-pharmaceuticals-and-chemicals-ltd-2019-417-itr-373-guj-hc-2\/","title":{"rendered":"PCIT  v. Dishman Pharmaceuticals and Chemicals Ltd.  (2019) 417 ITR 373\/ 112 taxman.com 991\/ (2020) 190 DTR 307 (Guj.)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that the only requirement under section\u00a037\u00a0of the\u00a0Income-tax Act, 1961\u00a0is that the expenses (not capital or personal) should be incurred for the purposes of the business or profession. There is no need to demonstrate that a certain expense relates to a particular income in order to claim such expense. Once prior period income is held to be taxable, prior period expenditure also should be allowed to be set off and the assessee is not obliged in law to indicate any direct or indirect nexus between the prior period income and prior period expenditure. (AY. 2006-07)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 37(1) : Business expenditure-Once prior period income is held to be taxable  ,prior period expenses  is  held to be allowable. [S. 145]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7845","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-22x","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7845"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7845\/revisions"}],"predecessor-version":[{"id":17402,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7845\/revisions\/17402"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}