- (1.) In IT Ref. No. 62 of 1988, which relates to the asst. yrs. 1981-82 and 1982-83, the Tribunal has referred the following two questions of law under Section 256(1) of the IT Act, 1961, hereinafter referred to as the Act, for opinion to This court; (1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the share income from the firm is not assessable in the hands of the assessee-HUF? (2) Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal was justified in holding that the share income from the firm M/s Ratan Cold Storage is assessable substantively in the hands of the individual?
(2.) In IT Ref. No. 209 of 1988, which relates to the asst. yr. 1983-84, the Tribunal has referred the following question of law under Section 256(1) of the Act for opinion to This court: Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the share income from the firm is not assessable in the hands of the assessee-HUF? Whereas in the WT Ref, No. 70 of 1988 the Tribunal, Allahabad, has referred the following question of law under Section 27(1) of the WT Act, 1957, hereinafter referred to as the WT Act, for opinion to This court. This reference relates to the asst. yrs. 1980-81 and 1981-82. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the capital invested in M/s Ratan Cold Storage together with appreciated value of assets in the said firm was not assessable in the hands of the assessee in the status of HUF?
(3.) As all the three references relate to the same respondent/assessee and raise a common question of law, they have been heard together and are being decided by a common judgment.;