COMMISSIONER OF INCOME-TAX, BOMBAY vs M/S. SHREE GOVERDHAN LTD. BOMBAY

The Supreme Court held that under Section 2(11) and Section 23A of the Indian Income-tax Act, 1922, an assessee can have different previous years for different sources of income. The Court ruled that the share of profits from a partnership should be included in the assessable income for the assessment year 1951-52, despite the profits being ascertained after the accounting year ended on September 30, 1950. The Court clarified that income can accrue without actual receipt, and the timing of the annual general meeting does not preclude the inclusion of such income in the assessment.