2008 (1) TMI 823

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....e-tax Appellate Tribunal confirming the assessments for the assessment years 2001-02 and 2002-03. The assessee has been paying agricultural income tax under the system of compounding provided under section 13(1) of the Kerala Agricultural Income-tax Act, 1991, up to the assessment year 200001. However, for the assessment year 2001-02, the assessee re-opted for regular assessment under section 3 of....

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....erence. "13. Composition of agricultural income-tax.-..... (6) When any person who has been permitted to pay under sub-section (1) re-opts to pay tax in accordance with section 3 notwithstanding anything contained in any other provisions of this Act, shall be assessed as if it were a new assessment and shall not be eligible to carry forward any loss incurred in any of the previous years or any ....

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....(6) applies to the first year, in which the assessee re-opts for conversion from payment of tax under the compounding scheme, as provided under section 13(1), to payment of tax under section 3 of the Act. In other words, once option is exercised for one year and the assessee suffers disability under section 13(6), the assessee will be entitled to carry forward loss and depreciation from that year ....