9911796707
TMI Blog1991 (5) TMI 80X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 9,360 as stated in the original return filed on 10-8-1977. The previous year adopted by the assessee was Samvat year 2032 ending on 23-10-1976. It was submitted before the ITO by the assessee that he was non-resident during the previous year which was Samvat Year 2032 because from 1-10-1975 to 1-10-1976 he was in Muscat. He filed affidavit before the ITO as also letter dated 17-3-1980 before him. He also submitted a statement of account showing income earned in Samvat Year 2032 and also Bank certificate dated 4-3-1980 and photostat copies of advice of National Bank, Muscat. According to him, he had made up the accounts up to Diwali of 2032 and as such his previous year for both the income was Samvat Year. 3. The Income-tax Officer acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould be financial year because it could not be said that assessee had made up account up to Diwali of the Samvat Year. He referred to the account produced by the assessee and submitted that from the sheet containing the account produced by the assessee it could not be inferred that the assessee had made up the account up to Diwali of Samvat Year 2032. He submitted that no account book had been maintained by the assessee and as such it could not be said that accounts in respect of income earned in foreign country had been made up upto Diwali of Samvat Year 2032. The submission on behalf of the assessee, on the other hand, was that it was not necessary that regular books of account should have been maintained by the assessee. What was require ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the 12 months ending on the 31st March next preceding the year for which the assessment is to be made in respect of an year ending on any date other than the 31 st March to entitle the assessee to exercise the option. The option is given by the statutory provision to the assessee and not to the department and when the assessee exercised option the Department has no way out except to assess the income of the year for which it has been returned by the assessee. In this case, the assessee has admitted Samvat Year as previous year as far as share income from partnership was concerned. The assessee has in the sheet that has been produced made up the accounts of both the share in the partnership and remuneration earned abroad up to Diwali 2032. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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