Ajit K.Sengupta, J. - (1.) These four references -- two at the instance of the Commissioner and two at the instance of the assessee -- relating to the assessment years 1975-76, 1976-77, 1977-78 and 1978-79, are heard together as common issues are involved.
(2.) Income-tax Reference No. 359 of 1982, under Section 256(1) of the Income-tax Act, 1961, and Income-tax Reference No. 42 of 1990 under Section 256(2) of the Act, both at the instance of the assessee, relate to the assessment year 1975-76.
(3.) Income-tax Reference No. 73 of 1985, at the instance of the Revenue is for the assessment year 1976-77 and Income-tax Reference No. 38 of 1987, is also at the instance of the Revenue and is for the assessment years 1977-78 and 1978-79.;