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TMI Blog1997 (8) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of the Tribunal, which has held that the period of limitation prescribed in section 35 of the Tamil Nadu Agricultural Income-tax Act (hereinafter referred to as "the Act") should be computed from the end of the year in which the income had been earned. For the assessment year 1977-78 in respect of which, the previous year was 1976-77, the Agricultural Income-tax Officer initiated proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct is the year in which the income was earned and not the year of assessment. The Tribunal, in so holding, has misread the provisions of the Act. "Financial year" is defined in the Act in section 2(k) as meaning the year beginning on April 1, and ending on March 31, next following. "Previous year" is defined in section 2(t) as it stood during the relevant period as meaning the twelve months endin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a reading of these provisions that the year in which the income is earned or received is defined in the Act as "the previous year" while the year of assessment is referred to as the "financial year". The charge created by section 3 of the Act is on the income of the previous year. The tax is to be assessed in the financial year. The previous year is one which immediately precedes the financial yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o far as may be, apply accordingly, as if the notice were a notice issued under that sub-section : Provided that the tax shall be charged at the rate at which it would have been charged if such income had not escaped assessment or full assessment, as the case may be." The computation for the purpose of determining the period of limitation for the purpose of section 35 must therefore commence fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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