Uday Sinha, J.

1. In these references under Sec.256(1) of the Income-tax Act (to be called " the Act "), we are concerned with the assessment years 1965-66 to 1969-70. The questions referred for our opinion are :

" 1. Whether, on the facts and in the circumstances of the case, the salary and interest paid to Ram Ratanlal Rajgarhia and Maniklal Raj-garhia have been correctly added while computing the income of the assessee-firm by applying the provisions of Sec. 40(b) of the Income-tax Act in the assessments of the firm for the assessment years 1965-66 to 1969-70 ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of Rs. 45,781 received on devaluation of rupee was a taxable receipt in the hands of the assessee in the assessment year 1967-68 ?"

2. The assessee is a partnership firm. The firm came into existence in 1953. Prior to it, Chandmul Rajgarhia, father of Ram Ratanlal Rajgarhia and Maniklal Rajgarhia, alone was managing the business. The partnership firm set up in 1953 consisted of Ram Ratanlal Rajgarhia and Maniklal Rajgarhia, as partners. Five others who were their minor children were admitted to the bene