COMMISSIONER OF INCOME TAX Vs. SUBHLAXMI MILLS LIMITED

JUDGEMENT

(1.) THE assessee concerned in both these cases is the same and the questions involved in both these references are on the same lines. In IT Ref. No. 65 of 1974 the years under reference are asst. yrs. 1965-66 and 1966-67, whereas in IT Ref. No. 98 of 1974, the year under reference is 1967-68. THE relevant previous year is the financial year and hence in IT Ref. No. 65 of 1974 the relevant previous years are the financial years 1964-65 and 1965-66, whereas in IT Ref. No. 98 of 1974 the relevant previous year is the financial year 1966-67. In IT Ref. No. 65 of 1974 the following seven questions have been referred to us for our opinion by the Tribunal at the instance of the Revenue :

(2.) IN IT Ref. No. 98 of 1974 the following five questions have been referred to us for our opinion:

(3.) FOR the asst. yrs. 1962-63, 1963-64 and 1964-65 the total income of the assessee-mills, prior to the set-off on account of carried forward losses, carried forward unabsorbed depreciation and carried forward unabsorbed development rebate was as under :