JUDGMENT

K. RAMASWAMY, J.:— This appeal by the assessee is directed against the judgment of the Division Bench, Patna High Court made in Tax Case No. 30 of 1972 dated September 11, 1974 answering in favour of the Revenue and against the assessee the question reframed thus:

"Whether on the facts and in the circumstances of this case the order of the Tribunal allowing the unabsorbed development rebate in respect of the plant and machinery not installed by the assessee, under Section 33(1) of the Income-tax Act was legal and proper."

2. The Tribunal referred the question, at the instance of the Revenue, to the High Court under S. 256(1) of the Income-tax Act, 1961 (for shortthe Act) which reads thus:-

"Whether in the facts and circumstances of the case, the order of the Tribunal holding that the conditions under Section 33(1) of the Income-tax Act are satisfied is legal and proper."

3. The appellant-assessee is a registered partnership firm under a deed executed and registered on November 10, 1958 between Prayagchand Periwal and Hanumanmal Periwal and M/ s. Periwal and Co. Pvt. Ltd. having its business at Purnea in Bihar State. It derives income from the business of cold storage. M/s. Pra