1995 (11) TMI 61

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....er section 256(1) of the Income-tax Act, 1961: "Whether, on the facts and in the circumstances of the case and on a proper interpretation of clauses (10) and (11) of the partnership deed dated August 17, 1973, the Appellate Tribunal was justified in holding that the assessee-firm was not entitled to the claim of deduction of 6.25 per cent. of the profits to which the Lok Sewa Mission Institutio....

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....tion. Counsel for the assessee has not pointed out any provision of law under which deduction on the basis of clauses (10) and (11) of the partnership deed has been claimed. No deduction can be allowed simply by virtue of a stipulation, made in the partnership deed. The assessee can claim deduction only under a provision of law, which has not at all been pointed out by the assessee. In our view....