COMMISSIONER OF INCOME TAX Vs. BHARAT NIDHI LIMITED

JUDGEMENT

(1.) THESE references made by the Tribunal, Delhi Bench "A", have been heard together as identical questions of law have been referred to the High Court for its opinion. The assessment years in respect of which these references arise are 1959-60, 1960-61 and 1961-62, the relevant accounting years being the calendar years 1958, 1959 and 1960 From the Tribunal's judgment for each of the assessment years, both the CIT and the assessee applied for reference being made to the High Court. Therefore, for each of the three assessment years, common references have been made for such questions of law as the Tribunal thought should be referred on the applications moved by the CIT and the assessee. The law applicable for each of the three assessment years was the Indian IT Act, 1922. The questions referred to the High Court in I.T. Rs. Nos. 114 and 115 of 1972 (asst. yr. 1959-60) are as under :

(2.) SIMILARLY, the questions referred to the High Court in I.T. Rs. Nos. 138 and 139 of 1972 (asst. yr. 1960-61), are as under :