Das, J.

1. These are two references which have been. heard together. In Miscellaneous Judicial case No. 89 of 1953, the appellate Tribunal has referred the following question of law, under the provisions of Sub-section (1) of Sec. 66 of the Indian Income-tax Act to this Court:

"Whether the commissioner of income tax was competent to revise the order of assessment passed by the Income-tax officer on 30-3-1949 for the assessment year 1945-46 under Sec.33B of the Indian Income-tax Act, 1922?".

I shall hereinafter refer to this question as the first question before us. In Miscellaneous Judicial Case No. 185 of 1953, a Bench of this Court required the Appellate Tribunal to state a case on the following question of law, under the provisions of Sec. 66(2) of the Indian Income-tax Act, 1822:

"Whether in the circumstances of the case the Income-tax Department, while calculating the income under the head Interest on Securities," under Section 8 of the Income-tax Act, should have made allowance in respect of interest payable by the assesses on the borrowed capital " This I shall hereinafter refer to as the second question before us.

2. The appellate Tribunal has stated the facts of th