(1.) These two appeals involving common questions of law relating to the assessment years 1993-94 and 1994-95 have been heard together and are being decided by this common judgment. We have heard Sri R.K. Upadhyaya, learned counsel for the appellants and Sri Bhupesh Jain assisted by Sri Suyash Agarwal learned counsels for the assessee.
(2.) The questions of law on which both the appeals have been admitted are being similar. It is sufficient to refer to the questions of law as framed in Income Tax Appeal No. 3 of 2011 for deciding both the appeals.
(3.) The appeal has been admitted on the following questions of law: