SANKAR PRASAD MITRA, J.

( 1 ) IN this reference under Section 66 (1) of the Indian Income-tax Act, 1922, the first question referred to this court is as follows:"whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount of wealth-tax paid by the assessee in the relevant previous years was allowable as a deduction under Section 10 (2) (xv) of the Indian Income-tax Act, 1922 ?"

( 2 ) THIS question has to be answered in the negative in view of the Supreme Court judgment in Travancore Titanium Products Ltd. v. Commissioner of Income-tax,.

( 3 ) THE next question runs thus :" Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 36,000 should be treated as part of the actual cost to the assessee of the new machinery acquired by it for the purpose of allowance of development rebate under Section 10 (2) (vib) of the Income-tax Act, 1922 ? "

( 4 ) NOW, the relevant provisions of Section 10 areas follows:"10. (1) The tax shall be payable by an assessee under the head 'profits and gains of business, profession or vocation' in respect of the profits or gains of any business, profe

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