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2009 (11) TMI 54 - PUNJAB AND HARYANA HIGH COURTPrevious year – option - Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee had a right to exercise option to adopt its previous year from 1.1.1983 to 30.6.1984 under Section 3 (1) (e) (i) and was not required to obtain permission under Section 3 (4) of the Income-tax Act, on the ground that business had commenced with effect from 1.12.1983 – held that - Learned counsel for the appellant has placed reliance on Commissioner of Income-tax vs. Ravinder Kumar wherein business not being new business, it was held that choice of previous year without permission could not be exercised. This judgment is clearly distinguishable as in the present case, the business of the assessee has been held to be new business. - In view of reasons given by the Tribunal, it stands established that the business of the assessee commenced on 1.12.1983 and in such a situation the Tribunal was justified in holding that no prior permission was required under Section 3 (1) (e) (i). The question referred, thus, has to be answered against the revenue and in favour of the assessee
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