TMI Blog1985 (8) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... 77, which prays for reference regarding the following three questions: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the entire capital gain is not taxable in the assessment year 1976-77 ? 2. Whether, on the facts and in the circumstances of the case, option under section 3 of the Income-tax Act, 1961, was available to the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------------ Rs. 22-12-1975 45,445.00 22-12-1975 19,387.00 24-12-1975 24,828.00 26-12-1975 8,183.00 29-12-1975 20,042.75 29-12-1975 10,447.36 -------------------- 1,28,333.11 -------------------- The assessee filed a voluntary return on April 30, 1976, which included capital gains up to December 23, 1975. The Income-tax Officer in the assessment order i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee have been made up to a date within the said financial year, then, at the option of the assessee, the twelve months ending on such date ....... .." This shows that the assessee has the option either to choose the financial year corresponding to the assessment year which would be the year ending on March 31, 1976, or to choose a year up to which the accounts are made up, which happe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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