Sabyasachi Mukharji, J. - (1.) In this reference under Section 256(2) of the I.T. Act, 1961, two questions have been referred to this court by the Tribunal as directed by the court. The questions are as follows :
(2.) For the assessment years 1962-63 & 1963-64. " Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that the commission paid to the Industrial Finance Corporation of India for standing guarantor in respect of deferred payments made by the assessee for the purpose of capital equipments and the interest paid to the non-resident firm against such deferred payments were expenses of a revenue nature ? "
(3.) For the assessment years 1964-65 & 1965-66. " Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the commission paid to the Industrial Finance Corporation of India and the Government of Rajasthan for standing guarantor in respect of deferred payments made by the assessee for the purchase of capital equipments and the interest paid to the non-resi- dent firm against such deferred payments were expenses of a revenue nature? ";