HOOGHLY MILLS LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The Tribunal has referred the following questions of law before this court under Section 256(1) of the Income-tax Act, 1961 ( "the Act" ) :

(2.) Whether, on the facts and in the circumstances of the case, the Tribunal acted perversely in sustaining the finding of the lower authorities that, on the dates of the relevant balance-sheets, the assessee had undisclosed income not brought into account and the same was a mass of unappropriated profits to which the directors had no occasion to apply their mind and as such the said amount was not a reserve for the purposes of the Surtax Act ?

(3.) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in sustaining the finding of the lower authorities and in rejecting the recast balance-sheets ?