Deb, J. - (1.) This reference, under Section 256(2) of I.T. Act, 1961, arises out of the assessment proceedings for the assessment year 1969-70, and the question before us is as follows : "Whether, on the facts and in the circumstances of the case, the Tribunal's finding that the salaries paid to the managing director and other director were excessive, is perverse ?"
(2.) The assessee is a private limited company carrying on the business of lithographic printing which it took over in the assessment year 1967-68, from Calcutta Art Studio, a firm in which there were several partners.
(3.) Shri P.K. Biswas, Shri S.M. Biswas and Shri Biswajit Biswas were some of the partners of the aforesaid firm and they became the employees of the assessee-company. The AAC in the appeal filed by the assessee-company has allowed the salary paid to them but we are not directly concerned with it in this reference.;