JUDGMENT - M.L. PENDSE, J.:--By this petition filed under Article 226 of the Constitution of India, the petitioners are seeking a declaration that the amendment made to section 37 of the Income Tax Act, 1961 by section 17(b) of the Finance Act, 1983 by inserting sub-sections (3-A) to (3-D) is bad in law, illegal, invalid and violative of the petitioners fundamental rights. The facts which gave rise to the filing of the petition are as follows :

2. Petitioner No. 1 was incorporated as a public limited Company on April 29, 1978. Prior to its incorporation, the business was carried on by a partnership firm known as Belsara Hygiene Products. The partnership firm was engaged in the business of manufacture and sale of air purifiers, water filters, lavatory cleansers and mosquito repellant cream. In year 1978, the partnership firm entered the field of dental hygiene with the introduction of a new tooth paste called Promise. It is the claim of the petitioners that the tooth paste earned high acclaim and won many awards on account of quality and price. From year 1980, the business of the partnership firm was taken over by the Company. The petitioners claim that from year 1981, the sales of t

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