1997 (3) TMI 66

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....ng that the share income from Kadamane Estate Company, for the year ended on March 31, 1978, was includible in the assessment of the applicant for the assessment year 1978-79 though the previous year of the firm ended on March 31, 1978, and that of the applicant ended on December 31, 1977, instead of the share income from Kadamane Estate Company, for the year ended March 31, 1977 ? " The assessee is a private limited company which is a partner in a registered firm, Kadamane Estates Co. The partnership which owns tea plantations closed its accounts on March 31, each year. The previous year followed by the assessee-company for its business ended on December 31, each year. According to the assessee, for the purpose of accounting the income ....

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....the option of the assessee, the twelve months ending on such date ; or . . . (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 the previous year for the assessment of the income of the firm. " On going through the provisions contained under section 3 as above we are inclined to accept the contention taken by the Revenue that clause (f) of sub-section (1) of section 3 is the relevant provision applicable in this case. In CIT v. M. S. Sheik Rowther [1962] 46 ITR 259, this court considered a case coming under the Indian Income-tax Act, 1922. Section 2(11)(ii) of the 1922 Act contained a provision in pari materi....