(1.) In pursuance of a direction issued by this court under section 256(2) of the Income-tax Act, 1961 (in short "the Act"), the following question of law has been referred to this court for its opinion by the Income-tax Appellate Tribunal, Delhi Bench "C", New Delhi (hereinafter referred to as "the Tribunal"):
(2.) We have heard learned counsel for the parties and perused the record.
(3.) The issue that arises for consideration in this reference is whether the assessee who was getting the shoes made by engaging the cobblers, etc., or from sister concern would be said to be deriving income from an industrial undertaking within the meaning of section 80-I of the Act and entitled to deduction thereunder.