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Meaning of "Irrespective of previous year" - taxworry.com
Meaning of tax terms

Meaning of “Irrespective of previous year”

Posted on by Prashant Thakur

Case Name : Dy. CIT Vs. Glaxo Smithkline Consumer Healthcare Ltd.

Citation :[2007] 107 ITD 343/16 SOT 134 (CHD. – TRIB.)(SB)

Court : ITAT-Chandigarh

Section : 43B

Meaning : The expression ‘irrespective of the previous year’ used in section 43b dispenses with the concept of previous year in the matter of the sums covered by section 43b. The expression ‘irrespective’ means lacking relation, regardless of what is mentioned. Here the subject mentioned is ‘previous year’. It means the deduction has to be allowed regardless of the previous year.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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