https://www.taxtmi.com/caselaws?id=15297 The court interpreted sections 3(1)(a) and 3(1)(b) of the Income-tax Act, 1961 regarding the definition of "previous year." In a case involving a salaried employee, the Tribunal had a split decision on the interpretation, with one member disentitling the assessee to the benefit of section 3(1)(b) while another member held otherwise. The court clarified that for a salaried employee, maintaining records of salary payments suffices for making up accounts. Ultimately, the court ruled in favor of the assessee, allowing the benefit of section 3(1)(b) and awarding costs, resolving the dispute in favor of the assessee based on the interpretation of the law and factual circumstances. en-us Tue, 10 Nov 1998 00:00:00 +0530 Tue, 04 Aug 2009 15:55:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15297 The court interpreted sections 3(1)(a) and 3(1)(b) of the Income-tax Act, 1961 regarding the definition of "previous year." In a case involving a salaried employee, the Tribunal had a split decision on the interpretation, with one member disentitling the assessee to the benefit of section 3(1)(b) while another member held otherwise. The court clarified that for a salaried employee, maintaining records of salary payments suffices for making up accounts. Ultimately, the court ruled in favor of the assessee, allowing the benefit of section 3(1)(b) and awarding costs, resolving the dispute in favor of the assessee based on the interpretation of the law and factual circumstances. Case-Laws Income Tax Tue, 10 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15297