1992 (1) TMI 7

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..... h - - - - - Dated:- 5-1-1992 - S. RANGANATHAN., N. D. OJHA. and M. FATHIMA BEEVI. ORDER Three points were decided by the High Court in this matter. The first pertained to cancellation by the Income-tax Officer of a change in the previous year allowed to the assessee from the year ending June 30, to December 31. The second point related to the question whether the assessee's liability to .....

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..... s obvious that the liability to tax under section 41 of the Act will depend on the outcome of the appeal before this court. It is also stated that, as regards another part of the liability, the issue is pending before the Tribunal. It would, therefore, appear that no cessation of liability can be postulated until the Tribunal has decided the matter. There is no prejudice to the Department if the a .....

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..... hange of previous year for 1972-73. This will involve the upsetting of assessments for over ten years and more and create undue hardship. It is also pointed out that, recently, the statute itself has been amended to make the financial year the previous year for all assessees. Having regard, therefore, to the subsequent developments as well as the subsequent history of the assessments in the presen .....

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