9911796707
TMI Blog1987 (11) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee's income from these two firms was duly declared in the return filed. There is yet another firm known as R. Y. Singaram Mudaliar Co., Ekambarakuppam, accounts relating to which were closed on March 31, 1978. The assessee did not declare the share income from this partnership firm on the ground that his own account books were closed on January 13, 1978, and the accounts of the partnership firm were closed subsequent to that date. According to the assessee, the share income arising from the last-mentioned partnership firm falls for consideration for the subsequent assessment year 1979-80. Similarly, for the assessment year 1979-80, the assessee in his return included income from his own business for the year ending January 13, 1979, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied in appeal. The first appellate authority confirmed the mode of assessment of the Income-tax Officer. On second appeal, however, the Tribunal accepted the assessee's contention and modified the assessments accordingly. Aggrieved by the order of the Tribunal, the Revenue asked for and obtained this reference under section 256(1) of the Act. The Tribunal referred the following question of law for the consideration of this court "Whether, on the facts and in the circumstances of the case, where the assessee was maintaining regular books of account which were closed as at the end of each Sankranti year, i.e., January 13, 1978, relating to the assessment year 1978-79 and January 13, 1979, relating to the assessment year 1979-80, the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r for the purpose of assessment. In the books maintained by the assessee, not only income from his own business, but also income received from the partnership firms, joint ventures and other transactions are recorded. It cannot be said that the account books relate only to the own business carried on by the assessee and did not have reference to the partnership business carried on. In the present case, for the assessment year 1978-79, the assessee's accounts were closed on January 13, 1978, and it is inconceivable that the assessee could include in his books the share income arising from the partnership firm for the year ending March 31, 1978. Similarly, for the assessment year 1979-80, the books were closed for the accounting year which en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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