1984 (7) TMI 233

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....ure laid down by sub-s. (3A) are not to be applied in the case of the assessee because of the exception under sub-s. (3D) of s. 37. 2. The assessee is an individual. During the previous year ended 31st March, 1979 relevant to the asst. yr. 1979-80 the assessee produced a film called "Malargalil Ithanai Nirengalal". In computing the total income which returned as a loss of Rs. 7,984, the assesse....

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....assessee has filed a certification from the Chartered Accountants to the effect that the assessee commenced business only in the financial year 1978-79 and that the activity itself should be considered to be of an industrial undertaking. It has been held by the Madras High Court in the case of CWT vs. P. T. N. Shenbagamoorthy & Anr. (1983) 35 CTR (Mad) 144, that an undertaking normally is understo....