Law:

Section:

Section 104, read with section 3, of the Income-tax Act, 1961 [Corresponding to section 23A, read with section 2(11), of the Indian Income-tax Act, 1922] - Additional income-tax on undistributed profits of certain companies - Assessment year 1953-54 - Whether where in respect of particular source of income assessee has once been assessed on particular footing, then he is not allowed in respect of that source of income to exercise option given in sub-clause (a) of section 2(11) of 1922 Act so as to vary meaning of expression "previous year", as then applicable to him except with consent of ITO and upon such conditions as ITO thinks fit to impose - Held, yes -- Assessee company was shareholder of a company in which public was not substantially interested - Previous year opted by assessee was one ending with 30th November of each year - Assessee had been assessed to income-tax in respect of notional dividend income deemed to have been distributed to him in assessment year 1951-52, and that assessment had been made on footing that his previous year in respect of that income ended on 30-11-1951 - Subsequently, dividend deemed to have distributed to assessee on 29-12-1951 was sought to be included by ITO in assessment year 1953-54 for accounting year 30-11-1952 - Assessee, however, raised contention that said amount could not be included in income relevant for assessment year 1953-54 but ought to have been included in assessment year 1952-53 on ground that relevant previous year for purpose of deemed income, was not previous year opted by him but financial year in which dividend was deemed to have been distributed amongst shareholders - Whether since assessee had acquiesced that in respect of notional dividend income deemed to have been received by him previous year was one ending with 30th November of respective years, which was year opted him in respect of other sources of income and since no application was made by assessee to ITO for permission to change previous year, it was not open to assessee to contend that in respect of aforesaid sum relevant assessment year was 1952-53 and not 1953-54 - Held, yes FACTS The assessee company was a shareholder of another…

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