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2006 (2) TMI 124 - MADRAS HIGH COURT"Previous year" - "(i) Whether Tribunal is right in law in holding that the share income of the assessee from the firm for the assessment years 1979-80 and 1980-81 should be taken as had arisen to the firm as on the previous year ended on March 31,1978, and March 31, 1979? and (ii) Whether Tribunal's direction to adopt the share of income firm for the assessment years 1979-80 and 1980-81 as derived by the firm on March 31,1978, and March 31, 1979, respectively is in consonance with the spirit of section 3 ?" - Tribunal was not right in holding that notwithstanding the previous year with reference to which the firm was assessed being the financial year, the share income of the assessee as a partner in the firm was required to be assessed with reference to the calendar year as the "previous year". - references are answered in favour of the Revenue and against the assessee.
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