Relief to MSEDCL: ITAT deletes disallowance of Net Prior Period Expenditure debited under the head ‘prior Period Expenses’ [Read Order]

The Income Tax Appellate Tribunal (ITAT), Mumbai bench while granting relief to Maharashtra state electricity board deleted the disallowance of net prior period expenditure debited under the head of “Prior Period Expense”. The assessee, Maharashtra State Electricity Distribution Company Ltd. engaged in the business of distribution of electricity in the State of Maharashtra.After filing the return…