TaxTMI 
TaxTMI 
1978 (10) TMI 7
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....ssee, Shri M. K. Parameswaran, Kottarathu Madom, Mancombu, was assessed to agricultural income-tax for the year ending March 31, 1967, as an individual. The assessment year is 1967-68. It is admitted that the assessee had no accounts. He was member of the joint family which was partitioned on December 26, 1966. As a result of the partition certain properties were allotted to the assessee. He was a....
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....6, the assessee had derived income from properties allotted to him on partition and was also being assessed to his share of income from the plantations and other properties kept in common with the joint family, the assessment year had to be taken as the Malayalam era as was followed with reference to the joint family. This contention was accepted by the Tribunal and it is that question that falls ....
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....t as follows : " 2. Definitions.-In this Act, unless there is anything repugnant in the subject or context-... (o) ` Previous year' means (i) the twelve months ending on the 31st day of March preceding the year for which the assessment is to be made or, if the accounts of the assessee have been made up to a date within the said twelve months in respect of any year ending on any date other th....
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....e assessee, as the year ending on the day up to which his accounts have been made up, provided the accounts were made up to a date within the said twelve months in respect of any year ending on a day other than 31st March. In order to have the benefit of this alternative date mentioned by the second part of the definition, it is quite plan in that the necessary condition precedent is that the asse....