(1.) THIS is a reference under the Indian Income-tax Act. The question referred is as follows :
(2.) WE heard the reference before and called for a further statement off the case from the Tribunal by our order dated November 5, 1962. The Tribunal has submitted the statement called for and the matter has now been placed before us for disposal. Learned counsel on both sides, the department as well as the assessees, have addressed arguments in the light of the subsequent statement of the Tribunal. The facts leading up to the reference have been fully set out in our prior order and need not be repeated.
(3.) WE cannot help observing that in the instant case neither the Income-tax Officer nor the Appellate Tribunal seem to have had a correct perspective of the question.