1995 (2) TMI 37

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.... section 256(2) of the Income-tax Act, 1961. The assessee is a partner in two firms. From out of his income from the firms, he claimed deduction of a sum of Rs. 50,000. That claim was upheld by the Income-tax Officer. However, under section 263 of the Income-tax Act, the Commissioner of Income-tax directed the Income-tax Officer to delete the deductions and assess the said amount. On appeal by the....