Meaning of tax terms

Meaning of ” Latest previous year”

Posted on by Prashant Thakur

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.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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