1984 (9) TMI 42

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...., is made at the instance of the Revenue. It poses this question : " Whether income assessable under the head 'Income from property' is to be invariably computed with reference to the financial year ? " The assessee-firm came into existence on April 1, 1961. It closed its accounts on June 30, 1961. The accounting period of the assessee for the assessment year 1962-63 was thus of only three month....

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..... The Revenue took the matter to the Income-tax Appellate Tribunal. The Tribunal observed that no provision, either in the Act or the Rules, had been pointed out which required an assessee to declare income from property on the basis of the financial year and not according to its books. The relevant sections, namely, ss. 3, 22 and 23 of the Act, did not give that impression. No authority had been ....