Commercial Taxes Officer vs Derby Textiles Ltd.

The Supreme Court held that the assessment year for the respondent's accounting year of January 1, 1988 to December 31, 1988 is 1989-90, as defined under Section 2(m) of the Rajasthan Sales Tax Act, 1954. The Court found that the High Court erred in concluding that the assessment year was 1988-89, which led to the incorrect dismissal of the reassessment notice issued on March 15, 1995. Consequently, the Supreme Court set aside the High Court's decision and allowed the appeal, affirming the validity of the reassessment notice.