- (1.) THE income-tax Appellate Tribunal, Amritsar, vide order dated July 27, 1985, referred questions of law for the opinion of this court in three appeals under Section 256 (1) of the Income-tax Act, 1961. Question No. (1), which is as under is common in all the cases : " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that there was a majority opinion and whether its decision is in accordance with the procedure laid down in Section 255 (4) of the Income-tax Act ?"
(2.) IN the Wealth-tax case, question No. (1) was framed as above with the only change in the provision of Section 24 (11) of the Wealth-tax Act, 1957, which makes Section 255 (4) of the Income-tax Act, 1961, applicable. Question No. (2) was framed as under in one of the appeals : " (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that there was a valid partition of the immovable property known as 'amritsar Cotton Mills' with effect from July 1, 1970 ?"
(3.) IN the two other appeals, a similar question was framed with the addition that such income from the property of Amritsar Cotton Mills should be excluded from the assessment of the assessee or from the net wealth of the assessee.;