TaxTMI 
TaxTMI 
2009 (11) TMI 530
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....ed the following question of law for opinion of this court arising out of its order dated July 20, 1995 in I. T. A. No. 167 of 1990 relating to the assessment year 1985-86 : "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee had a right to exercise option to adopt its previous year from January 1, 1983 to June 30, 1....
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....on 3(1)(e)(i). The Tribunal upheld the plea of the assessee with the following observations : "In the present case, the only controversy to be determined is whether the assessee did commence business, with effect from December 1, 1983 ? If it was so, the assessee had a right to exercise option in respect of adoption of the previous year under section 3(1)(e)(i) of the Act. There was no o....
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....iod December 31, 1984, should have been allowed. It is also explained that the loss from January 1, 1983 to December 31, 1983 had been shown in the books of account at Rs. 1,63,080. Loss from March 1, 1983 to December 31, 1983 had been shown in the books of account at Rs. 8,66,671. Loss from January 1, 1984 to December 31, 1984, had been shown at Rs. 18,02,848. The plea of the learned counsel is t....
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.... stance in the assessee's plea that there was no new source of income, though it was explained mistakenly before the Assessing Officer, that from December 1, 1983, the assessee had started earning income from a new source. Since the facts are said to be otherwise, the asses- see's mistaken belief is said to be otherwise, the assessee's mistaken belief is said to be of no relevance and of no conseq....