Assessment year, means the period of twelve months commencing on the 1st day of April every year. [Wealth-tax Act, 1957 (27 of 1957), s. 2 (d)]
Assessment year is a standard period of 12 months commencing on 1st April of every year, Premier Cable Co. Ltd. v. Commissioner of Income Tax, (1999) 3 SCC 367.
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