9911796707
TMI Blog2001 (5) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income-tax (Appeals) to give rebate in the tax payable to the extent of Rs. 67,785 for the amount deposited in the IDBI in lieu of surcharge in accordance with the provisions of section 2(6) and (8) of the Finance Act, 1976, although for the assessment year 1978-79 tax was to be paid in accordance with the provisions of the Finance Act, 1978, which did not provide for such concession ?" The dispute, as the question itself indicates, relates to the assessment year 1978-79. The factual position, which is almost undisputed, is essentially as follows: For the assessment year in question the previous year ended on June 30, 1977. The assessee, a company, was assessed under section 143(3) read with section 144B of the Act, For the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ths and the assessee was allowed to change the previous year. The period comprised in the accounting period relevant to the assessment year, thus, worked out as January 1, 1976, to June 30, 1977. Undisputedly, the assessee had deposited Rs.82,500 with the I.D.B.I. in lieu of surcharge in terms of the provisions referred to above. As the accounting period comprised 18 months and change in the previous year was permitted, there was no assessment for the assessment year 1977-78. Accordingly, the assessee had claimed relief as credit under the Scheme. That being the position, it was held that the assessee's claim was allowable. On being moved for reference, the question as stated above was referred for opinion of this court. We have heard lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the assessee made the deposit on December 13, 1976, i.e., before the last instalment of advance tax in its case was payable. The deposit had already been made in the financial year commencing on the first day of April, 1976. In view of the undisputed position that the Income-tax Officer had permitted change of previous year and the period covered was 18 months and since there was no assessment for the year 1977-78, the income of the assessee, which could be the subject-matter of the assessment for the said assessment year, was subjected to assessment and charge of income-tax during 1978-79. In that view of the matter, the assessee was entitled to claim relief in lieu of surcharge payable. The view of the Commissioner of Income-tax (Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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