https://www.taxtmi.com/caselaws?id=201701 The High Court ruled in favor of the assessee, holding that permission under section 3(4) of the Income-tax Act was not required to change the previous year due to the commencement of a new business on December 1, 1983. The Tribunal emphasized the assessee's right to select the previous year under section 3(1)(e)(i) based on the business commencement date, distinguishing the case from precedents where permission was necessary without a new business. The judgment clarified the interpretation of relevant Income-tax Act provisions and allowed the assessee to claim loss for the specified period. en-us Fri, 13 Nov 2009 00:00:00 +0530 Thu, 27 Dec 2012 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201701 The High Court ruled in favor of the assessee, holding that permission under section 3(4) of the Income-tax Act was not required to change the previous year due to the commencement of a new business on December 1, 1983. The Tribunal emphasized the assessee's right to select the previous year under section 3(1)(e)(i) based on the business commencement date, distinguishing the case from precedents where permission was necessary without a new business. The judgment clarified the interpretation of relevant Income-tax Act provisions and allowed the assessee to claim loss for the specified period. Case-Laws Income Tax Fri, 13 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201701