1992 (7) TMI 45

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....fter referred to as " the assessee " ) by an application under section 256(2) of the Income-tax Act, 1961 (in short, " the Act " ), this court directed the Income , tax Appellate Tribunal, Cuttack Bench (in short, " the Tribunal"), to state a case and refer the following question for opinion : " Whether the Income-tax Appellate Tribunal was wrong to hold that the provisions of section 3(1)(f) o....

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....on September 30, 1979, was determined to be the previous year for the relevant assessment year. This Was questioned in appeal by the assessee before the Appellate Assistant Commissioner of Income-tax, Rourkela Range, Rourkela (in short, " the AAC The Appellate Assistant Commissioner reversed the findings of the Assessing Officer. Being aggrieved, the Revenue carried the matter before the Appellate....

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....tion 256(1) of the Act and, therefore, this court was moved under section 256(2) of the Act as indicated above. The only dispute involved in this case is whether the provisions of section 3(1)(f) of the Act have been rightly applied to the case of the assessee. The question is what would be the previous year applicable to an assessee who is a partner in a firm which is assessed as such. The ....

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....different. As a matter of fact, it was found that the assessee had other sources of income and that he closed his accounts so far as other sources of income are concerned on different dates. That is a distinctive feature. In our considered opinion, section 3(1)(b), as it stood at the relevant time, was a provision of general nature. It permitted an assessee to exercise option so far as determin....