1984 (2) TMI 178

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... The assessee, in the revised return filed, claimed exemption of foreign income of Rs. 15,997 received by him from National Gas Co. Baahrin for the period from 30th Jan., 1980 to 31st March, 1980 on the ground that he has been maintaining separate accounts for his foreign income for the accounting year for which ends in the subsequent year i.e. on 30th Jan., 1981 relevant the asst. yr. 1982-83. Ac .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... than the financial year. He therefore, included the salary received from the foreign company in the total income. However, he gave necessary relief under s. 80RRA. 3. On appeal, the AAC also agreed with the view taken by the ITO. Aggrieved, the assessee filed the present appeal before the Tribunal challenging the order passed by the AAC. 4. We have heard the parties. The fact remains that the a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... facts of that case, the assessee who was practising as an advocate was receiving salary income of Rs. 800 per month as Editor of Indian Law Reports and Liquidator of Vijaya Commercial Bank. Until the asst. yr. 1968-69, he was being assessed under two heads viz. profession and salary and the salary income of the assessee received from Indian Law Reports and Vijaya Commercial Bank was being assessed .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... dge as the "previous year" for that class of income and as the same fell in the financial year 1969-70, the income was assessable in the asst. yr. 1970-71. The High Court was also of the view that it is open to an assessee to make up the accounts in respect of the income as a judge and elect a different previous year for the income under s. 3(1)(b) of the Act. It was further held that for the purp .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... for the period 15th Nov., 1974 to 3rd Nov., 1975 which was included by the ITO for the asst. yr. 1975-76. Considering the facts and circumstances arising in this case and also by respectfully following the said judgment of the Andhra Pradesh High Court and the decision of the Tribunal, we also hold that it is open to the assessee himself to make up the accounts in respect of the income earned in t .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X