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of <h1>Company Seeks 'Previous Year' Change u/s 3(4) to Avoid 1976-77 Taxes; Board Urges Revenue Protection.</h1> A Limited Company sought to change its 'Previous Year' under Section 3(4) of the Income Tax Act, which would result in significant revenue loss. This change would allow the company to skip the 1976-77 assessment year, defer advance tax payments, and benefit from reduced surcharge and surtax liabilities. The Board instructs Commissioners to review such cases from September 1, 1975, and take action under Section 263 if the consent is prejudicial to revenue. Income-tax Officers must calculate tax effects and seek approval if the impact exceeds Rs. 50,000 to prevent revenue loss from such changes.
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