Prakash Krishna, J. - (1.) The Income-tax Appellate Tribunal, Allahabad, has referred the following three questions of law under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this Court : 1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs. 82,42,876 being the excess levy sugar price was not taxable in the hands of the assessee-company in the year under consideration ?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the disallowance of Rs. 5,80,098 on account of interest on excess levy price charged by the assessee ?
(3.) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in directing the Income-tax Officer to allow depreciation in the case of the trailers at the rate admissible in the case of transport vehicles even though the trailers are not motorized vehicles ? 2. Briefly stated the facts giving rise to the present reference are as follows : 3. The reference relates to the assessment year 1976-77.;