BHAGABATI PRASAD BANERJEE, J. - (1.) THE following questions of law have been referred to this Court by the Tribunal under s. 256(1) of the IT Act, 1961: "(1) Whether, on the facts and in the circumstances of the case, commission and interest receipts of the assessee formed part of its income from the priority industry and accordingly entitled to relief under s. 80-I of IT Act, 1961 ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the assessee company was entitled to weighted deduction under s. 35B of the IT Act, 1961 in respect of expenses incurred for its Export Department ? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that cash allowance are to be excluded for the purpose of computing perquisites disallowable under s. 40(c)/40A(5) of the IT Act, 1961 ? (4) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee is entitled to relief under s. 80J of the IT Act, 1961 in the asst. yr. 1975-76 ignoring the loss worked out for the past years and depreciation allowance and development rebate for the past assessment years in respect of the new unit of the Industrial Undertaking ?"
(2.) THE assessment year involved in this reference is the asst. yr. 1975-76 for which the relevant period of account is the year ending on 31st March, 1974. The first question is in two parts relating to receipt of commissions and interests. The points involved in this question are concluded in the assessee's own case for earlier assessment year in IT Ref. No. 651 of 1979, Judgment delivered on 8th Jan.,1990. Following the aforesaid decision, the question of law in so far it relates to commission receipts of the assessee is concerned is answered in the negative and the question of law in so far it relates to interest receipts of the assessee is answered in the affirmative and in favour of the assessee.
(3.) THE Second question is also concluded in the assessee's own case in IT Ref. No. 651 of 1990, Judgment delivered on 8th Jan.,1990 and following that decision, the question of law is answered in the negative and in favour of the Revenue.;