TaxTMI 
TaxTMI 
2014 (4) TMI 901
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....ed 19th May, 1990, which raises following substantial questions of law: i)Whether the Tribunal was justified in upholding the order of CIT(A) who directed the Assessing Officer to frame a single assessment for the entire period from 1.1.87 to 31.3.89? ii)Whether the Tribunal was justified on the facts of the case in upholding the order of CIT(A), who observed the order, passed u/s 3(40 of I.T. Act, 1961 on 7.12.1987, remained legally valid and did not become nonest as a result of the amendment introduced in section 3 of the I.T. Act, 1961 by the Taxation Laws (Amendment) Act, 1987, despite the fact that, in terms of the said order u/s 3(4)< the assessee would not have any previous year relevant to A.Y. 1988-89, a situation which is incong....
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....1989-90, has been prescribed. In view of the amendment, instead of ending the previous year on 30th June, 1988, relevant to the assessment year 1989-90, the assessee had to adopt the previous year ending on 31st march, 1989, relevant to the assessment year 1989-90 and accordingly, the return was filed for the period 1.1.1987 to 31.3.1989. It appears that the assessing authority cancelled the permission granted to the assessee adopting the previous year ending on 30th June every year, in view of the amendment in Section 3 by passing an order under Section 154. The assessee challenged the said order in appeal. The Commissioner of Income Tax (Appeal) allowed the appeal and set aside the order passed under Section 154. Against the said order,....
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....The Tribunal, vide order, dated 19.5.1999, rejected both the appeals. The Tribunal held that the order under Section 154 has been set aside in appeal and the said order has attained finality, resulting that the order passed granting permission to adopt the previous year ending on 30th June stood valid. In view of the said fact, the Tribunal observed that there is no justification in taking a different view in the matter. Learned counsel for the appellant is not able to point out that the order of the Tribunal, dated 1.9.1987 has been modified or set aside by any of the competent authority. The result is that the order of the assessing authority, granting permission to adopt previous year, ending on 30th June of every year, stood valid. T....