- (1.) Five assessment years are involved in this reference but we deal with the question with reference to only one of those as a representative and prototype assessment year.
(2.) That one is the assessment year 1976-77.
(3.) The question referred to us is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in not confirming the order of the Commissioner of Income-tax (Appeals) in respect of bad and doubtful debt reserves ?";