Page 21 - TAX4862/2 APPLIED TAXATION

GENERAL DEDUCTION FORMULA

During the year of assessment

 Although s 11(a) does not specifically

require it, the courts have held that

deductible expenditure is restricted to that

incurred in the year of assessment.

 If a deduction is not claimed in the correct

year of assessment, the deduction may not

be claimed in a later year.

 Concentra v CIR

 See also Caltex Oil v SIR FORFEIT

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