1984 (7) TMI 233

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.... 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 assessee had taken into account the total pub....

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....m 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 understood as a business work or project which....