https://www.taxtmi.com/caselaws?id=7765 For a separate source of income, the assessee could adopt a different previous year if the accounts for that source were made up within the prescribed twelve-month period; a separate set of books was not required. Dividend income separately brought into the profit and loss account and balance-sheet up to 31 August 1953 therefore qualified for that accounting year, and it was not liable to be included in the 1953-54 assessment year. The objection that no option had been exercised was treated as a factual issue not open in reference. en-us Wed, 14 Jan 1970 00:00:00 +0530 Thu, 19 Mar 2009 09:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7765 For a separate source of income, the assessee could adopt a different previous year if the accounts for that source were made up within the prescribed twelve-month period; a separate set of books was not required. Dividend income separately brought into the profit and loss account and balance-sheet up to 31 August 1953 therefore qualified for that accounting year, and it was not liable to be included in the 1953-54 assessment year. The objection that no option had been exercised was treated as a factual issue not open in reference. Case-Laws Income Tax Wed, 14 Jan 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7765