https://www.taxtmi.com/caselaws?id=6190 Section 2(11)(i)(a) of the Income-tax Act, 1922 permits a different previous year for separate sources of income only where the relevant accounts were made up within the statutory period and that source had not already been assessed. In the proviso, "once been assessed" means the particular source must previously have been brought to tax under the Act; mere inclusion of the income for world-income or rate-computation purposes is insufficient. As the Madhya Bharat businesses had only been considered for rate purposes and had not earlier been taxed under the Act, the assessee could adopt the financial year ending 31 March 1950 as the previous year for those sources, and the Revenue's challenge failed. en-us Tue, 16 Dec 1969 00:00:00 +0530 Wed, 03 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6190 Section 2(11)(i)(a) of the Income-tax Act, 1922 permits a different previous year for separate sources of income only where the relevant accounts were made up within the statutory period and that source had not already been assessed. In the proviso, "once been assessed" means the particular source must previously have been brought to tax under the Act; mere inclusion of the income for world-income or rate-computation purposes is insufficient. As the Madhya Bharat businesses had only been considered for rate purposes and had not earlier been taxed under the Act, the assessee could adopt the financial year ending 31 March 1950 as the previous year for those sources, and the Revenue's challenge failed. Case-Laws Income Tax Tue, 16 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6190