Meaning of ” Latest previous year”

Case Name : Televista electronics (p.) Ltd. Vs. ITO

Citation : [1985] 12 ITD 161 (DELHI – TRIB.)

Court : ITAT-Delhi

Section : 207 TO 216

Meaning : The term ‘latest previous year in respect of which he has been assessed by way of regular assessment’ in section 209(1)(a)(i) (as it stood prior to 1-4-1998) would simply mean the last completed regular assessment. It is not correct to say that for the purpose of section 209(1)(a)(i), the last completed assessment referred to the year in which the assessee had a positive income.

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