1987 (3) TMI 6

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....elivered by JEEVAN REDDY J.-Two questions are referred for our opinion under section 256(1) of the Income-tax Act, 1961. They are "(1) Whether, on the facts and in the circumstances of the case, the reassessment made by the Income-tax Officer under section 147 of the Income-tax Act, 1961, was barred by limitation and, therefore, not valid in law ? and (2) Whether, on the facts and in the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ation. Both the grounds were dealt with and the contentions of the assessee negatived. Question No. (1), now referred, again pertains to the very same plea of limitation. It is evident that the said question cannot be raised over again at this stage of the proceedings. Indeed, that is the opinion of the Tribunal and we agree with it. So far as the second question is concerned, the question is w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....62-63. The contention of the learned counsel for the assessee, however, is that the said sum of Rs. 50,000 is not business income and that it did not enter the said amount in the account books maintained by it for its business purpose and, therefore, for the said income, the financial year would be the previous year. If so, he contends, the amount must be held to have been received in the previous....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en read together, disclose that ordinarily speaking, the financial year would be the previous year. But it is open to the assessee to opt for any other previous year so long its the accounts of that previous year are made up to a date falling within the preceding financial year. It is also permissible for an assessee to have different previous years in respect of separate sources of his income. No....