Sabyasachi Mukharji, J. - (1.) These appeals are by certificates granted by the High Court of Madras under Article 133(1) of the Constitution.
(2.) An identical question of law. had been referred in respect of four separate tax cases to the High Court under S. 66(1) of the Income Tax Act, 1922 (hereinafter referred to as '1922 Act') at the instance of the assessee. The High Court disposed of these appeals by one common judgment.
(3.) The High Court had to answer the following question: "Whether on the facts and in the circumstances of the case, the conclusion of the Tribunal, that for the purpose of the computation of capital gain on the sale of the shares in East India Corporation Ltd., Madura Insurance Company Ltd. and Pudukottah Company Private Ltd. the first proviso to sub-sec. (2) of Sec. 12B of the Income Tax Act, 1922 was applicable, is correct in law -;