Bhagabati Prasad Banerjee, J. - (1.) The Tribunal has referred the following questions of law before this court under Section 256(1) of the Income-tax Act, 1961 ( "the Act" ) : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in rejecting the claim made by the assessee that the additional income offered for taxation before the Settlement Commission after finalisation of the balance-sheets for the respective years, and accepted by the Settlement Commission should be treated as reserve for the purposes of computation of capital under the Companies (Profits) Surtax Act, 1964, and in sustaining the order of the lower authorities ? Whether in doing so, the Tribunal acted perversely?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal acted perversely in sustaining the finding of the lower authorities that, on the dates of the relevant balance-sheets, the assessee had undisclosed income not brought into account and the same was a mass of unappropriated profits to which the directors had no occasion to apply their mind and as such the said amount was not a reserve for the purposes of the Surtax Act ?
(3.) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in sustaining the finding of the lower authorities and in rejecting the recast balance-sheets ?;