M.Katju, J. - (1.) These three income-tax references are being disposed of by a common judgment.
(2.) Heard learned counsel for the parties. We treat I. T. R. No. 91 of 1981 as the leading case.
(3.) In this case the questions of law referred to us for our opinion are as follows: "1. Whether there was material justifying the Tribunal's finding that there was a corresponding liability in respect of accretion in the contingency account No. II amounting to Rs. 43,095 ? 2. Whether the Tribunal was in law justified in holding that the accretion in the contingency account No. II could not be brought to tax as trading receipt in spite of the fact that the actual sales tax liability in respect of completed transactions had been duly provided for by transfer from the aforesaid accounts ?";