1995 (2) TMI 37

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.... is an application by the Revenue under 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 a....

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....imself carrying on any profession, the deduction under section 35CCA is not available to him. This contention has been met by the Tribunal holding that the word " assessee " defined in section 2(7) of the Income-tax Act means a person by whom any tax or any other sum of money is payable and that by no stretch of imagination it could be contended that the partner of a firm did not fulfil this condi....