TaxTMI 
TaxTMI 
1999 (3) TMI 13
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed after obtaining directions from the Inspecting Assistant Commissioner under section 144B of the Act ? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessment year 1975-76 is the eighth assessment year immediately succeeding the assessment year 1967-68 for the purpose of carry forward and set off of unabsorbed development rebate under section 33(2)(ii) of the Act and not the assessment year 1976-77 ? (iii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that, for the purpose of carry forward of section 80J relief, the assessment year 1975-76 is the fourth assessment year immediately succeeding the a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ch the ship was acquired or the machinery or plant installed or the immediately succeeding previous year, as the case may be (the total income for this purpose being computed without making any allowance under subsection (1) or sub-section (1A) of this section or sub-section (1) of section 33A or any deduction under Chapter VIA or section 280-0 is nil or is less than the full amount of the development rebate calculated at the rate applicable thereto under sub-section (1) or sub-section (1A), as the case may be, (i) the sum to be allowed by way of development rebate for that assessment year under sub-section (1) or sub-section (1A) shall be only such amount as is sufficient to reduce the said total income to nil ; and (ii) the amount o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d at the rate of six per cent. per annum on the capital employed in the industrial undertaking or ship or business of the hotel, as the case may be, computed in the prescribed manner in respect of the previous year relevant to the assessment year (the amount calculated as aforesaid being hereafter, in this section, referred to as the relevant amount of capital employed during the previous year) : Provided that in relation to the profits and gains derived by an assessee, being a company, from an ' industrial undertaking which begins to manufacture or produce articles or to operate its cold storage plant or plants after the 31st day of March, 1976, or from a ship which is first brought into use after that date, or from the business of a ho....
X X X X Extracts X X X X
X X X X Extracts X X X X
....by its letter dated April 21, 1975, requested that its accounting year be changed from the year ending March 3 1, to the year ending September 30. The Income-tax Officer informed the assessee that its request was granted "subject to the condition that the profits for the 18 months from April 1, 1974, to September 30, 1975, will be assessed in the assessment year 1976-77". An assessment for the assessment year 1976-77, the previous year whereof commenced on April 1, 1974, and ended on September 30, 1975, was made after the procedure under section 144B of the Income-tax Act, 1961, had been followed. The order of assessment was reopened by the Commissioner of Income-tax under section 263(l). The Commissioner took the view that the assessment o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ns of section 4 which deals with the charge of income-tax and reads thus : " 4. Charge of income-tax.-(l) Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this Act in respect of the total income of the previous year of every person : Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. (2) In respect of income chargeable under sub-section (1), income-ta....