TMI Blog1976 (12) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... ered firm. The firm donated Rs. 8,000 to a charitable trust and claimed rebate under section 88 of the Act. The Income-tax Officer allowed the said claim. The firm contended that the above rebate should also be granted to its partners. As the Income-tax Officer rejected the said claim, the firm filed an appeal, but the Appellate Assistant Commissioner dismissed it on the ground that it was not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d firm, the firm's total income should be assessed first and then the income-tax payable by the firm shall be determined and the share of each partner in the income of the firm shall be included in his total income and assessed to tax. Rebate under section 88 is allowed to the registered firm while computing its total income and, therefore, such rebate cannot again be allowed to the partners of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
