COMMISSIONER OF INCOME TAX Vs. BELPAHAR REFRACTORIES LTD.

JUDGEMENT

(1.) ON applications of the revenue made under section 256(1) of the Income Tax Act, 1961 (hereinafter referred to as " the Act") the Income -tax Appellate Tribunal, Bombay Bench, has stated these cases and referred the following questions for the opinion of the court:

(2.) IN regard to the assessment year 1963 -64, the following question has also been referred :

(3.) ASSESSEE is a public limited company by name Belpahar Refractories Ltd. with its registered office at Belpahar within this State. The company was born out of a collaboration agreement (hereafter referred to as " the agreement") dated November 6, 1957, between the Tata Iron and Steel Company Ltd. (hereafter referred to as " the TISCO "), the Tata Industries (Pvt.) Ltd. (hereafter referred to as " the TATAS ") and Didier Works A.G., a company incorporated in West Germany (hereinafter referred to as " the German Company"). During the material time the shareholdings in the assessee -company were in the following proportions :