Change of previous year permitted to extend accounting period for transitional assessment, subject to no loss of revenue. Assessing officers should liberally permit taxpayers to change or extend their accounting year so the previous year relevant to the assessment year 1988 89 ends on 31 March 1988, under the statutory provision allowing change of previous year, provided the longer previous year does not cause any loss of revenue; officers must publicise this option to taxpayers and trade associations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Change of previous year permitted to extend accounting period for transitional assessment, subject to no loss of revenue.
Assessing officers should liberally permit taxpayers to change or extend their accounting year so the previous year relevant to the assessment year 1988 89 ends on 31 March 1988, under the statutory provision allowing change of previous year, provided the longer previous year does not cause any loss of revenue; officers must publicise this option to taxpayers and trade associations.
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