Dipak Kumae Sen, J. - (1.) On an application of the Alkali & Chemical Corporation of India Ltd., Calcutta, the assessee, under Section 18 of Companies (Profits) Surtax Act, 1964, read with Section 256(1) of the I.T. Act, 1961, the Tribunal has drawn up a statement of case and referred the following questions of law for the opinion of this court as arising out of its order dated the 28th August, 1975: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that portion of the profits and gains attributable to the assessee company's priority industry, which was deducted under Section 80E of the Income-tax Act, 1961, in computing its total income in the assessments under the said Income-tax Act, could be said to be not includible in its total income within the meaning of Rule 4 of the rules in the Second Schedule to the Companies (Profits) Surtax Act, 1964, and a proportionate reduction was liable to be made from the capital base under the said rule in respect of such portion of the profits and gains of the assessee-company attributable to its priority industry ?
(2.) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the omission to make a proportionate reduction of the capital base under Rule 4 of the Second Schedule to the Companies (Profits) Surtax Act was a mistake apparent from the record in the original assessment proceedings and the Income-tax Officer had jurisdiction to make such proportionate reduction of the capital base by his subsequent order under Section 13 of the said Companies (Profits) Surtax Act, 1964 ?
(3.) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 41,44,658 representing the increase in the share capital of the assessee-company as a result of capitalisation of part of its reserves was not liable to be included in its capital base under Rule 3 of the Second Schedule to the Surtax Act ?;