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Judgment
Desai, J.—In this reference, two questions are referred to us by the Income Tax Appellate Tribunal. They are :
"(1) Whether, on the facts and in the circumstances of the case, the receipt of Rs. 9,16,285 was assessable to tax ?
(2) Whether, on the facts and in the circumstances of the case, the assessee was entitled to rebate in tax under s. 5(2)(a)(i) or (ii) of the Finance Act, 1966 ?"
The answer to be given to these two questions would seem to be concluded as far as this High Court is concerned by its decision in Metal Rolling Works Pvt. Ltd. Vs. Commissioner of Income Tax, The assessee therein had activities similar to those of the activities of the assessee before us and identical points arose for consideration. We have been invited to answer the two questions in accordance with the said decision without further discussion of facts and without reference to the law as discussed in the said decision.
Accordingly, we answer the questions, as under :
No. 1 : In the affirmative and in favour of the Revenue.
No. 2 : In the negative and against the assessee.
The parties are, however, directed to bear their own costs of the reference.