- (1.) This is a reference under Section 256(1) of the Income-tax Act, 1961. The first question has been referred at the instance of the Revenue and the other question at the instance of the assessee.
(2.) The question referred at the instance of the Revenue is as follows : "1. Whether, on the facts and in the circumstances of the case, the assessee in the accounting period relevant to the assessment order 1977-78 was a 'financial company' as defined in Explanation (c) to Section 40A(8) of the Income-tax Act, 1961 ?" The question referred at the instance of the assessee is as follows : "2. Whether, on the facts and in the circumstances of the case, the gross total income of the assessee for the accounting period relevant to the assessment year 1977-78 including in profits and gains derived in an industrial undertaking ?"
(3.) As regards the question referred at the instance of the Revenue, a finding of fact has been recorded in para. 9 of the Tribunal's order that the principal business of the assessee was finance business. This is a finding of fact and we cannot interfere with the same in this reference.;