9911796707
TMI Blog1992 (7) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... 56(2) of the Income-tax Act, 1961 (in short, " the Act " ), this court directed the Income , tax Appellate Tribunal, Cuttack Bench (in short, " the Tribunal"), to state a case and refer the following question for opinion : " Whether the Income-tax Appellate Tribunal was wrong to hold that the provisions of section 3(1)(f) of the Income-tax Act, 1961, applied to the facts of this case ? " Pursu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt assessment year. This Was questioned in appeal by the assessee before the Appellate Assistant Commissioner of Income-tax, Rourkela Range, Rourkela (in short, " the AAC The Appellate Assistant Commissioner reversed the findings of the Assessing Officer. Being aggrieved, the Revenue carried the matter before the Appellate Tribunal. The stand of the Revenue was that once the firm has definite acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6(2) of the Act as indicated above. The only dispute involved in this case is whether the provisions of section 3(1)(f) of the Act have been rightly applied to the case of the assessee. The question is what would be the previous year applicable to an assessee who is a partner in a firm which is assessed as such. The question has really become academic with effect from April 1, 1989. Section 3( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income and that he closed his accounts so far as other sources of income are concerned on different dates. That is a distinctive feature. In our considered opinion, section 3(1)(b), as it stood at the relevant time, was a provision of general nature. It permitted an assessee to exercise option so far as determination of the question of previous year is concerned. Section 3(1)(f), on the other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of the said section are almost pari materia with the provisions of section 3 of the Act. The Bombay High Court in CIT v.. Mckenzies Ltd. [1980] 121 ITR 458 has also expressed a similar view. In view of the analysis made by us above, we find that the Tribunal was justified in its conclusion that section 3(1)(f) applied to the facts Of the case. Our answer to the question referred is in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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