AJIT K. SENGUPTA, J.

( 1 ) IN this reference at the instance of both the assessee and the Commissioner, as many as seven questions have been referred to this court under Section 256 (1) of the Income-tax Act, 1961, for the assessment years 1971-72 and 1972-73 :" 1. Whether, on the facts and in the circumstances of the case and on a correct interpretation of Section 80j of the Income-tax Act, 1961, and Rule 19a of the Income-tax Rules, 1962, the Tribunal was right in holding that the exclusion of borrowed capital from the computation of capital employed in two new industrial undertakings for the purpose of Section 80j was not at all justified ?

( 2 ) WHETHER, on the facts and in the circumstances of the case and on a correct interpretation of Section 80j of the Income-tax Act, 1961, and Rule 19a of the Income-tax Rules, 1962, the Tribunal was correct in holding that, in computing the capital employed in the two new industrial undertakings for the purpose of Section 80j, current liabilities were to be excluded ?

( 3 ) WHETHER, on the facts and in the circumstances of the case and on a correct interpretation of Section 80j of the Income-tax Act, 1961, the Tribunal was correct in hold

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