https://www.taxtmi.com/caselaws?id=302744 A newly started business could not rely on the latter part of the definition of "previous year" under section 2(11)(c) of the Income-tax Act, 1922 where its accounts were not made up on a yearly basis from commencement. The pre-amendment scheme governed the relevant years, and the later 1953 amendment was treated as clarificatory rather than changing the accounting period for those years. The assessee therefore could not contend that there was no previous year for assessment year 1948-49; the period from commencement of business to 31 March 1948 was the accounting period, and section 2(11)(a) applied for assessment year 1949-50. The reference was answered against the assessee and the Revenue's assessment was upheld. en-us Thu, 06 May 1954 00:00:00 +0530 Wed, 15 Jun 2022 17:43:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302744 A newly started business could not rely on the latter part of the definition of "previous year" under section 2(11)(c) of the Income-tax Act, 1922 where its accounts were not made up on a yearly basis from commencement. The pre-amendment scheme governed the relevant years, and the later 1953 amendment was treated as clarificatory rather than changing the accounting period for those years. The assessee therefore could not contend that there was no previous year for assessment year 1948-49; the period from commencement of business to 31 March 1948 was the accounting period, and section 2(11)(a) applied for assessment year 1949-50. The reference was answered against the assessee and the Revenue's assessment was upheld. Case-Laws Income Tax Thu, 06 May 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302744