Given below are two statements:
Statement I: Assessee is always a person but a person may or may not be an assessee
Statement ll: The term 'person' includes an individual, a HUF, a company, a firm, an association of persons, local authority and every artificial juridical person
In light of the above statements, choose the most appropriate answer from the options given below
1
Both Statement l and Statement II are correct
2
Both Statement I and Statement II are incorrect
3
Statement I is correct but Statement II is incorrect
4
Statement I is incorrect but Statement II is correct