9911796707
TMI Blog2009 (11) TMI 530X X X X Extracts X X X X X X X X Extracts X X X X ..... section 3(1)(e)(i) of the Act - claim of loss shown up to June 30, 1984, has to be allowed, treating the `previous year' as ending on June 30, 1984 - no prior permission was required under section 3(1)(e)(i) - question, answered against the Revenue and in favour of the assessee - - - - - Dated:- 13-11-2009 - ADARSH KUMAR GOEL, GURDEV SINGH JJ JUDGMENT The Income-tax Appellate Tribunal, Chandigarh Bench, has referred the following question of law for opinion of this court arising out of its order dated July 20, 1995 in I. T. A. No. 167 of 1990 relating to the assessment year 1985-86 : "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee had a right to e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ication for the change in the previous year, took the plea that it was a new source of income. But that plea should not damage the assessee's case, on the basis of actual facts. This was also pointed out by the learned counsel that even if the previous year adopted by the assessee was not acceptable and the accounting period was treated as having ended on December 31, 1983 to December 31, 1984, loss could have been determined and allowed to be carried forward accordingly. By way of alternative plea, the learned counsel has contended that the loss up to the period December 31, 1984, should have been allowed. It is also explained that the loss from January 1, 1983 to December 31, 1983 had been shown in the books of account at Rs. 1,63,080. Lo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmenced with effect from December 1, 1983, the assessee- company had a right to exercise the option to adopt a previous year under section 3(1)(e)(i) of the Act. We, therefore, accept the asses- see's plea that the claim of loss shown up to June 30, 1984, has to be allowed, treating the `previous year' as ending on June 30, 1984." 3. We have heard learned counsel for the parties and perused the record. 4. Learned counsel for the appellant has placed reliance on CIT v. Ravinder Kumar [1989] 180 ITR 203 (P H) wherein business not being new business, it was held that choice of previous year without permission could not be exercised. This judgment is clearly distinguishable as in the present case, the business of the assessee has been ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
