Judgment

Banerjee, J.-These appeals by the grant of special leave are directed against a common order of the High Court in Income Tax Reference Nos. 87 and 88 of 1974 in terms of the order of Reference by the Income Tax Appellate Tribunal, Delhi Branch in respect of Assessment Years 1964-65 and 1965-66.

2. The Tribunal has referred the following two questions to the High Court for the above-mentioned assessment years 1964-65 and 1965-66.

For the assessment year 1964-65 the question reads as below:

“Whether on the facts and in the circumstances of the case, Income Tax Appellate Tribunal was right in holding that the profit arising from the working of the two cement factories situated in Pakistan for the year 1.10.1962 to 30.9.1963 was taxable in the hands of the applicant company?”

And for the assessment year 1965-66 the question was:

“Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the profit arising from the working of the two cement factories situated in Pakistan for the year 1.10.1963 to 30.9.1964 was taxable in the hands of the appli­cant company?”

The High Court however, answered the questions in the affirmative