TaxTMI 
TaxTMI 
2006 (2) TMI 124
X X X X Extracts X X X X
X X X X Extracts X X X X
....t dated July 28, 1997 in T.C.P. Nos. 601 to 618 of 1996, the Appellate Tribunal has stated the case and referred to us the following questions of law: "(i) Whether on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the share income of the assessee from the firm M/s. Kadamane Estates Co. for the assessment years 1979-80 and 1980-81 should be t....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... firm's accounting year is the financial year. While computing the total income for the assessment years under reference, the assessee had taken its share income obtained from the said partnership firm for the relevant calendar years. However, the Income-tax Officer included the share income provisionally subject to rectification on completion of the said firm's assessment. On appeal, the Commissi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... plain words used in section 3(1)(f) of the Income-tax Act, as it stood, during the assessment years 1982-83 to 1984-85, viz.: "3. 'Previous year' defined.-(1) For the purposes of this Act, 'previous year', means- ... (f) where the assessee is a partner in a firm and the firm has been assessed as such, then, in respect of the assessee's share in the income of the firm, the period determined as t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rom the 'previous year' followed by the firm in respect of the share in the income of the firm, the 'previous year' followed by the firm is necessarily to be regarded as the 'previous year' for the assessment of the share income of the partners of the firm, although for the other income of the assessee, the assessee's previous year is to be followed. The other sub-clauses of section 3(1) do not in....