1995 (2) TMI 37 - HC - Income Tax

Summary

The Revenue applied under section 256(2) of the Income-tax Act, 1961 regarding deduction claimed by an assessee partner in two firms. The Income-tax Officer upheld the claim, but the Commissioner of Income-tax directed deletion of deductions under section 263. The Income-tax Appellate Tribunal reversed the Commissioner's order. The Revenue sought reference to the High Court, questioning the entitlement to deduction under section 35CCA. The Tribunal held no referable question of law exists, as the partner of a firm fulfills the conditions for the deduction. The High Court dismissed the income-tax case.