J.S. Verma, C.J. - (1.) A consolidated reference has been made for the assessment years 1969-70 to 1974-75 under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), at the instance of the assessee for answering the following questions of law, namely : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the assessment orders did not become time barred under Sub-section (1) of Section 153 of the Income-tax Act, 1961, in view of the provisions of the Explanation (1) to the said sub-section ?
(2.) WHETHER, on the facts and in the circumstances of the case, the Tribunal is justified in law in holding that the realisations made by the official liquidator by running the business of the assessee-company are income liable to tax under the Income-tax Act, 1961 ? If the answer to question No. 2 is in the affirmative, whether the Tribunal was right in law in holding that deduction on account of interest payable to the creditors could not be allowed in the computation of the income ? If the answer to question No. 2 is in the affirmative, then : (i) Whether, on the facts and in the circumstances of the case and on a correct interpretation of the terms of the agreement dated October 31, 1955, and the consent decree dated February 25, 1959, the Tribunal is justified in holding that the assessee is not the owner of the Cinema theatre styled 'Maratha Mandir' and the machinery, plant, furniture, etc., installed in the said building by the assessee with its own finances and no depreciation and development rebate is available to it in respect thereof ? and (ii) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in rejecting the alternative contention of the assessee that the amount spent by the assessee-company on the construction of the cinema known as Maratha Mandir and in purchasing the movable assets installed therein out of its own funds is neither capital nor revenue expenditure ? Whether, the Tribunal is correct in law in holding that no notice to show cause need be given to the assessee before levying penal interest under Section 139/215/217(1A) of the Income-tax Act, 1961 ? Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the Income-tax Officer is not under an obligation to reduce or waive the penal interest under Section 139/215/217(lA)of the Income-tax Act, 1961, read with rule 117A/ 40 of the Income-tax Rules, 1962, without there being a petition by the assessee before him ?
(3.) WHETHER, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the learned Appellate Assistant Commissioner was right in not admitting additional evidence in respect of the assessee's claim for reduction or waiver of penal interest in terms of rule 117A/40 of the Income-tax Rules, 1962 ? Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the assessee-company is not an industrial company ? (Assessment years 1972-73 and 1973-74 only) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is not entitled to relief under Section 80G of the Income-tax Act, 1961 ? (Assessment year 1972-73 only) ;