( 1 ) THE 2nd petitioner, the Madras Bangalore Transport Company, is a firm of four partners P. V. S. Mani, C. Munireddy, C. Venkatareddy and J. Ramakrishniah. Of these, C. Venkatareddy is the 1st petitioner.

( 2 ) THE firm has its principal place of business at Nos. 36-37, Second Line Beach, Madras City, and is an assessee to Income-tax within the jurisdiction of the Income-tax Officer, Central Circle viii, Madras. The Firm carries on extensive business as a road transport operator and common carrier with over 200 offices situated in various parts of the country including the Mysore State, one of its branch offices is at No. 34, Infantry Road, Bangalore, and another at No. 14, Second main Road, Taragupet, Bangalore. Two out of the partners are residents of Bangalore. C. Munireddy resides on Nanjappa Road Santinagar; Vekatareddy, the 1st petitioner resides at No. 20 (1), Sir M. N. Krishna Rao Road, Basavangudi, Bangalore. The Partners also are assessees to income-tax in their individual capacity.

( 3 ) SO far as the firm is concerned, the assessments for four years 1962-63, 1963-64, 1964-65 and 1965-66 are pending, that is to say, the returns having been filed t