Whether deduction under the section is allowed from income of registered firms and only resultant net income is distributed for assessment in partners' cases

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....' cases 1. The Allahabad High Court have held in their judgment dated 24-3-1971 in the case of CIT v. Bharat Bhandar [1974] 94 ITR 315 that rebate under sections 84 and 88 should be allowed to a registered firm as well as its partners. The Board has accepted the decision and has decided that the law as laid down by the Allahabad High Court should be applied to all cases covered by section 15B/15C....