https://www.taxtmi.com/caselaws?id=22987 The court upheld the Income-tax Appellate Tribunal's decision that the assessee's "previous year" for a newly set up business could not exceed 12 months under section 3 of the Income-tax Act, 1961. The court dismissed the assessee's application, emphasizing the strict interpretation of the law and ruling that the assessee was required to file a return for the assessment year 1981-82 based on a "previous year" ending on March 31, 1981. The court highlighted the limitation on the duration of the "previous year" and rejected the assessee's argument for a 13.5-month period. en-us Wed, 14 Nov 1990 00:00:00 +0530 Tue, 15 Dec 2009 17:06:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22987 The court upheld the Income-tax Appellate Tribunal's decision that the assessee's "previous year" for a newly set up business could not exceed 12 months under section 3 of the Income-tax Act, 1961. The court dismissed the assessee's application, emphasizing the strict interpretation of the law and ruling that the assessee was required to file a return for the assessment year 1981-82 based on a "previous year" ending on March 31, 1981. The court highlighted the limitation on the duration of the "previous year" and rejected the assessee's argument for a 13.5-month period. Case-Laws Income Tax Wed, 14 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22987