1988 (4) TMI 2

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..... , 1961, at the instance of the Revenue is to decide the following question of law, namely : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that provisions of section 187 (2) were not applicable ?" The relevant assessment year is 1977-78. The material facts are these. A partnership firm known as Ganesh Jain Bhojanalaya, Beawar, consisted of four par .....

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..... ner's view by rejecting the Revenue's appeal. Hence, this reference at the instance of the Revenue. The present is a case governed by the amended section 187 as it stands after the insertion of the proviso in sub-section (2) of section 187 retrospectively with effect from April 1, 1975. The view taken in such situation on the basis of the newly inserted proviso in sub-section (2) of section 187 b .....

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