9911796707
TMI Blog1999 (3) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... The basic questions with which we are concerned in these appeals, relating to the assessment year 1976-77, read thus (see [1992] 193 ITR 719, 722 ) : "(i) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the Commissioner of Income-tax had jurisdiction under section 263 of the Income-tax Act to revise the order of the Income-tax Officer passed after obtaining directions from the Inspecting Assistant Commissioner under section 144B of the Act ? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessment year 1975-76 is the eighth assessment year immediately succeeding the assessment year 1967-68 for the purpose of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is first put to use in the immediately succeeding previous year, then, in respect of that previous year, a sum by way of development rebate as specified in clause (b) .... (2) In the case of a ship acquired or machinery or plant installed after the 31st day of December, 1957, where the total income of the assessee assessable for the assessment year relevant to the previous year in which the ship was acquired or the machinery or plant installed or the immediately succeeding previous year, as the case may be (the total income for this purpose being computed without making any allowance under subsection (1) or sub-section (1A) of this section or sub-section (1) of section 33A or any deduction under Chapter VIA or section 280-0 is nil or is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains (reduced by the deduction if any, admissible to the assessee under section 80HH) of so much of the amount thereof as does not exceed the amount calculated at the rate of six per cent. per annum on the capital employed in the industrial undertaking or ship or business of the hotel, as the case may be, computed in the prescribed manner in respect of the previous year relevant to the assessment year (the amount calculated as aforesaid being hereafter, in this section, referred to as the relevant amount of capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erefore, it was entitled to carry forward the unabsorbed development rebate up to the assessment year 1975-76. Similarly, for the purpose of the deduction under section 80J , the assessee was entitled to carry forward the unabsorbed deduction, which it had earned in the previous year relevant to the assessment year 1971-72, up to the assessment year 1975-76. Now, the assessee had by its letter dated April 21, 1975, requested that its accounting year be changed from the year ending March 3 1, to the year ending September 30. The Income-tax Officer informed the assessee that its request was granted "subject to the condition that the profits for the 18 months from April 1, 1974, to September 30, 1975, will be assessed in the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment year 1976-77. Reference was made by learned counsel for the appellant to the provisions of section 2(9) which defines 'assessment year' to mean the period of 12 months commencing on the first day of April every year, to the provisions of section 3 whereunder a 'previous year' is defined to be the financial year immediately preceding the assessment year ; and to the provisions of section 4 which deals with the charge of income-tax and reads thus : " 4. Charge of income-tax.-(l) Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year. It does not depend upon one or other assessee and whether or not he had a previous year relevant to a particular assessment year. It is as invariable as the calendar year. The "assessment years" mentioned in sections 33 and 80J must be read in this light. The unabsorbed development rebate under section 33 and the unabsorbed deduction under section 80J may be carried forward only for the eight and four assessment years, respectively, that follow the assessment year relevant to the previous year in which the said development rebate and deduction were first earned. The fact that, in the instant case, the assessee did not have a previous year relevant to a particular assessment year that fell within these spans of eight and four assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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