S.J. Vazifdar, J.

1. This reference under section 256 (1) of the Income Tax Act,1961 arises out of Reference Application Nos.306 and 307 filed by the assessee in respect of a common order of the Income Tax Appellate Tribunal dated 29th March, 1996 in ITA Nos.6351/B/93 and 1717/B/94 pertaining to assessment years 1989-90 and 1990-91.

(A) The Tribunal on the assessee's application drew up a statement of case and referred the following eight questions and an additional question for the year 1990–91 for the opinion of this Court:-

"(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in its conclusion that the assessee was not entitled to exemption under section 11 of the Income Tax Act, 1961?

(2) Whether, on the facts and in the circumstances of the case, the Tribunal was right in its conclusion concerning clauses 2, 4, 5, 6, 7, 20 and 24 of the Memorandum of Association of the assessee are not objects of general public utility and thereby do not fall within the meaning of section 11 of the Income-Tax Act, 1961?

(3) Whether, on the facts and in the circumstances of the case, the Tribunal was right in its conclusion that the construction acti