1983 (3) TMI 86

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.... represented the period of 12 months ending on 30th November, every year. Accordingly, he filed the return for the asst. yr. 1973-74 taking the year ended on 30th November 1972 as his previous year and the return for the asst. yr. 1974-75 taking the year ended 30th November 1973 as his previous year. The ITO was of the view that insofar as salary income was concerned, there could be no other previous year except the financial year ending on 31st March. In this view of the matter, he made the assessment taking the relevant previous year as the years as ended 31st March, 1973 and 31st March, 1974 respectively for the two assessment years under consideration. 3. The assessee appealed to the AAC, and contended that the ITO erred in his decisio....

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....efore us that the AAC erred in his decision. According to him, the assessee had income only from salary and so there was no question of making up accounts upon any date. He relied on the decision in the cases of CIT vs. V.V.S. Sarma & P.N. Dass 1977 CTR (Mad) 72 : (1976) 110 ITR 778 (Mad) and also the decision in the case of Addl. CIT vs. K. Ram Chandra Rao (1981) 21 CTR (AP) 60: (1981) 127 ITR 414 (AP). He also relied on the decision dt. 29th October 1976 of the Tribunal in ITA No. 108/Bom/1976-77, wherein it has been held that an assessee having salary income can have his previous year as the financial year only. 5. Shri. R.K. Khanna, the ld. Representative for the assessee, on the other hand, supported the order of the AAC. He stated th....