- (1.) We have heard learned standing counsel for the applicant only as none appeared on behalf of the opposite party despite notice having been served on the secretary of the opposite party.
(2.) After having heard the learned standing counsel, we are of the view that question No. 2 as stated in, paragraph No. 9 of the application is a question of law and that it does arise from the Tribunal's order (annexure 3 to the reference application).
(3.) We, therefore, direct the Appellate Tribunal to state the case on the following question and refer the same to this court for its opinion : "Whether the Income-tax Appellate Tribunal is legally correct in holding that the bottles and crates in the assessee's case do not constitute its stock-in-trade and should be treated as 'plant'?";