- (1.) By this reference application under Section 256(1) of the Income-tax Act, 1961, the Tribunal has referred the following questions set out at page 2 of the statement of case for the opinion of this court : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding the view that the assessee-company was entitled to investment allowance as it was an industrial company according to the Income-tax Act, 1961 ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in law in upholding the order of the Commissioner of Income-tax (Appeals) who directed the Assessing Officer to allow the asses-see-company the benefit of investment allowance as claimed ?"
(2.) The assessment year involved is 1985-86. On scrutiny of the books of account, the Income-tax Officer found that the assessee had claimed investment allowance at Rs. 90,048 on the assets worth Rs. 3,60,192. The Income-tax Officer did not allow the investment allowance, as the assessee does not come in the category of "industrial undertaking". The Commissioner of Income-tax (Appeals) holding that the assessee is an industrial company directed to allow investment allowance. The Tribunal also has confirmed the view taken by the Commissioner of Income-tax (Appeals).
(3.) Heard learned counsel for the Revenue. None appeared for the assessee.;