https://www.taxtmi.com/caselaws?id=35274 The High Court ruled in favor of the assessee, holding that the business commenced on 1.12.1983, enabling the exercise of the option under Section 3 (1) (e) (i) without requiring permission under Section 3 (4) of the Income-tax Act. The judgment emphasized the significance of the commencement date of business in determining the right to choose the previous year and distinguished a previous case where such choice was disallowed. The Court's decision favored the assessee's interpretation of the relevant provisions, allowing for the adoption of the preferred previous year without additional permission. en-us Fri, 13 Nov 2009 00:00:00 +0530 Wed, 10 Feb 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35274 The High Court ruled in favor of the assessee, holding that the business commenced on 1.12.1983, enabling the exercise of the option under Section 3 (1) (e) (i) without requiring permission under Section 3 (4) of the Income-tax Act. The judgment emphasized the significance of the commencement date of business in determining the right to choose the previous year and distinguished a previous case where such choice was disallowed. The Court's decision favored the assessee's interpretation of the relevant provisions, allowing for the adoption of the preferred previous year without additional permission. Case-Laws Income Tax Fri, 13 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35274