1985 (8) TMI 50

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....r section 256(2) of the Incometax Act, 1961, relating to the assessment year 1976-77, which prays for reference regarding the following three questions: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that the entire capital gain is not taxable in the assessment year 1976-77 ? 2. Whether, on the facts and in the circumstances of the ....

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....---------------------------------------------------------------------------------------------------------- Rs. 22-12-1975 45,445.00 22-12-1975 19,387.00 24-12-1975 24,828.00 26-12-1975 8,183.00 29-12-1975 20,042.75 29-12-1975 10,447.36 -------------------- 1,28,333.11 -------------------- The assessee filed a voluntary return on April 30, 1976, which included capit....

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.... For the purposes of this Act, 'previous year' means-... (b) if the accounts of the assessee have been made up to a date within the said financial year, then, at the option of the assessee, the twelve months ending on such date ....... .." This shows that the assessee has the option either to choose the financial year corresponding to the assessment year which would be the year ending on Mar....