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TMI Blog1987 (3) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... on under section 256(1) of the Income-tax Act, 1961. They are "(1) Whether, on the facts and in the circumstances of the case, the reassessment made by the Income-tax Officer under section 147 of the Income-tax Act, 1961, was barred by limitation and, therefore, not valid in law ? and (2) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee negatived. Question No. (1), now referred, again pertains to the very same plea of limitation. It is evident that the said question cannot be raised over again at this stage of the proceedings. Indeed, that is the opinion of the Tribunal and we agree with it. So far as the second question is concerned, the question is whether the said amount should be treated as income in the previous year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is that the said sum of Rs. 50,000 is not business income and that it did not enter the said amount in the account books maintained by it for its business purpose and, therefore, for the said income, the financial year would be the previous year. If so, he contends, the amount must be held to have been received in the previous year relevant to the assessment year 1961-62. We do not find it possib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would be the previous year. But it is open to the assessee to opt for any other previous year so long its the accounts of that previous year are made up to a date falling within the preceding financial year. It is also permissible for an assessee to have different previous years in respect of separate sources of his income. Now, in this case, it must be remembered that the assessee was adopting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opting shall be treated as previous year for other heads of income as well. In other words, the presumption is that the assessee has one previous year for all heads of income unless it says that it shall have different previous years for different heads of income (vide section 3(3) of the Act). In this view of the matter, we are of the opinion that the Tribunal was justified in holding that the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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