https://www.taxtmi.com/caselaws?id=25087 The ANDHRA PRADESH HIGH COURT ruled in favor of the assessee in an income tax assessment case involving the determination of the previous year for income tax assessment based on the closing date of accounts. The court upheld the assessee's method of choosing the 12 months ending on the date the accounts were closed within the financial year, as allowed under section 3(1)(b) of the Income-tax Act. The judgment clarified the correct application of the Act's provisions and rectified the Revenue's misconception regarding the previous year for the assessee's share income from a partnership firm. en-us Thu, 26 Nov 1987 00:00:00 +0530 Mon, 25 Jan 2010 12:48:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25087 The ANDHRA PRADESH HIGH COURT ruled in favor of the assessee in an income tax assessment case involving the determination of the previous year for income tax assessment based on the closing date of accounts. The court upheld the assessee's method of choosing the 12 months ending on the date the accounts were closed within the financial year, as allowed under section 3(1)(b) of the Income-tax Act. The judgment clarified the correct application of the Act's provisions and rectified the Revenue's misconception regarding the previous year for the assessee's share income from a partnership firm. Case-Laws Income Tax Thu, 26 Nov 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25087