JUDGMENT

Paripoornan, J.-The appellant is a public limited company. It was incorporated in the then Indian State of Kotah on 17.1.1945 for carrying on the business of quarrying stones. It is an assessee to Income-tax. This appeal is filed in pursuance to the certificate of fitness granted by the High Court of Rajasthan, Jaipur Bench dated 26.11.1979 arising out of the judgment and order dated 30.7.1979 in Income-tax Reference No. 24 of 1970. The said judgment is reported in CIT v. Associated Stone Industries (Kotah) Ltd.1. The High Court considered the validity of the re-assessments made on the appellant for the years 1950-51 to 1956-57 as also the legality of the assessments made for the years 1957-58 to 1961-62 in its common judgment dated 30.7.1979 (ITR No. 24 of 1970). In deciding the legality and validity of the re-assessments for the years 1950-51 to 1956-57 some aspects were decided in favour of the assessee/appellant. On a consolidated reference made by the Income-tax Appellate Tribunal in respect of the assessment years 1950-51 to 1961-62, seven questions of law were referred for the decision of the High Court. Out of the same the following 5 questions of law, namely questi