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1961 (10) TMI 1 - SUPREME COURT
Whether no notice under section 34 of the Income-tax Act could be issued because of the lapse of eight years from the end of the accounting year?
Held that:- The period of limitation, whether it is eight years for cases falling under section 34(1)(a) or four years falling under section 34(1)(b), has to be computed from the end of that year. Though the expression 'year' has not been further defined by section 34 itself, it should be clear from the context to the section itself that the year referred to is the assessment year and has no reference to the accounting year, which is elsewhere specified by the Act itself as the previous year. Appeal allowed.
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