P.G.MANI Vs. CHIEF COMMISSIONER OF INCOMETAX

JUDGEMENT

(1.) HEARD the learned counsel for the petitioner and the learned standing counsel appearing for the respondents.

(2.) THE petitioner is a partnership firm. For the assessment years 1995-1996 and 1996-1997, they filed returns under the Income Tax Act showing taxable income of Rs.2,67,230.00 and Rs.4,35,230.00 respectively. These returns were filed claiming the status of a firm and were processed under Section 143 of the Income Tax Act.

(3.) AMONG the various provisions of the notification dated 23.5.1995, the benefit claimed was that provided in paragraph 2 clause (d) thereof which reads thus:-