If in Previous Year 2012-13 RT ltd. has created provision of Rs. 1,00,000 in its books. It was provision hence disallowed in computation of Income Tax for Assessment Year 2013-14. During the previous year 2013-14 company has received invoice of Rs. 75,000 which relates to previous year 2012-13 and company set off the expenditure with the provision and balance provision credited to profit and loss. Now my question is that whether in computation of Income Tax of Assessment Year 2014-15 such expenditure is allowable? If yes, then in which section of Income Tax Act 1961?
