9911796707
TMI Blog1993 (11) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... e-tax Act, 1961. 2. The assessee-company's previous year for the assessment year 1985-86 ended on 30-6-1984. Income for the 12 months ending on 30-6-1984 was assessed by the Assessing Officer in the assessment year 1985-86 by order under section 143(3) dated 4-1-1988. The assessee-company was amalgamated with M/s. Nestler Boilers (P.) Ltd. w.e.f. 30-12-1984. The accounts for the six months ended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l year immediately preceding the assessment year or any period of 12 months following such period as may be determined by the Board or any authority authorised by the Board. The learned CIT held that since the 6 months' period ended on 31-12-1984 during the financial year 1984-85 this income of the company should have assessed in the assessment year 1985-86. He, therefore, by the impugned revision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e words "error" and "prejudice" are synonymous. The learned counsel further submitted that the CIT failed to appreciate that ordinarily the accounting period is of 12 months and not of 18 months and in support of this contention he drew our attention to the definition of previous year in sub-section (4) of section 3 of the Act which gives an option to the assessee to choose the previous year. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f sub-section (1) or has once been assessed, then, he shall not, in respect of that source, or, as the case may be, business or profession, be entitled to vary the meaning of the expression 'previous year' as then applicable to him, except with the consent of the Assessing Officer and upon such conditions as the Assessing Officer may think fit to impose." From the above it is evident that the op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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