(1.) THE Income-tax Appellate Tribunal, Allahabad Bench, Allahabad, has referred the following questions of law under Section 256(1) of the Income-tax Act, 1961, for the opinion of this court :
(2.) THE aforementioned question of law is said to arise out of the order of the Income-tax Appellate Tribunal dated November 30, 1978, passed in ITA Nos. 1847 and 843 (Alld.) of 1976-77 relating to the assessment years 1973-74 and 1974-75.
(3.) WE have heard Sri Vikram Gulati, learned counsel for the applicant-assessee, and Sri Shambhu Chopra, learned additional standing counsel appearing for the Commissioner of Income-tax, U. P. Lucknow.