B.P.Jeevan Reddy, C.J. - (1.) Two questions are referred by the Tribunal under Section 256(1) of the Income-tax Act, 1961, one at the instance of the assessee and the other at the instance of the Revenue.
(2.) The question referred at the instance of the assessee reads thus : "(1) Whether, in view of the facts and circumstances of the case, the order of assessment passed by the Income-tax Officer on October 31, 1972, under Section 23(3)/33B of the Indian Income-tax Act, 1922, was valid in law in view of the assessment order dated March 14, .1967, passed under Section 143(3) of the Income-tax Act, 1961 ?"
(3.) The question referred at the instance of the Revenue reads as follows : "(2) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the additions other than the addition of Rs. 4,09,067 on account of speculation loss and Rs. 82,000 being cash credit in the name of Sri. S. D. Mittal made by the Income-tax Officer could not be legally sustained, in view of the order of the Commissioner of Income-tax under Section 33B of the old Act ?";