( 1 ) THE Income-tax appellate Tribunal referred the following two questions of the law for the opinion of this Court under Sec. 256 (l) of the income-tax Act, 1961 (1) Whether on the facts and in the circumstances of the case the Tribunal was justified In holding that the loss sustained by the assessee In the forward transactions In caster seed oil and neem oil was loss sustained In speculation business? (2) Whether on the facts and In the circumstance of the case the Tribunal was justified In holding that there was no right of appeal against the levy of Interest under Sec. 215 of the Income-tax act, 19617

( 2 ) THE assessee, a partnership firm, carries on business in the manufacture and sale of groundnut oil and its by-products. For the income tax assessment year 1973-74, the assessee filed its return declaring income of Rs. 2,90,807/ -. While declaring the income as above, the assessee claimed that it suffered loss of Rs. 1,60,946/- in respect of certain transactions which it entered into in cotton-seed oil and neem oil. It is not disputed that this loss was suffered by paying different pursuant to settlement of the contracts otherwise than by delivery of goods. Th