TMI Blog2001 (6) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in the circumstances of the case, the Tribunal was justified in law in holding that the capital gain, if any, arising from the acquisition of the assessee's land is not assessable in the assessment year 1965-66?" The assessee is Estate Mineral Development Co. (P.) Ltd. and the assessment year under reference is 1965-66. The original assessment in this case was completed under section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e accounting year relevant to the assessment year 1965-66. Therefore, that amount of compensation cannot be taxed in the assessment year 1965-66. In appeal before the Tribunal, the Tribunal has endorsed the view taken by the Commissioner of Income-tax (Appeals). None appeared for the assessee. Heard learned counsel for the Revenue, Mr. Agarwal, submits that though for the purpose of business the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g year. Sub-section (3) of section 3 gives the liberty to the assessee that assessee may have different previous year in respect of a separate source of his income. Admittedly, the assessee has opted December 31, 1964, as year ending, i.e., ending of the previous year. He never claimed that for the source of capital gain the year ending will be March 31, 1965. The option is with the assessee and n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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