AJIT K. SENGUPTA, J.

( 1 ) BY these references under the Income-tax Act, 1961 (in short referred to as "the Act"), at the instance of both the Commissioner of Income-tax and the assessee arising out of a common order of the Calcutta Bench of the Income-tax Appellate Tribunal for the assessment years 1971-72, 1972-73, 1973-74 and 1974-75, the following questions of law have been referred for the decision of this court: (A) Income-tax Reference No. 313 of 1980--at the instance of the Commissioner of Income-tax under Section 256 (1) of the Act:" (1) Whether, on the facts and in the circumstances of the case and on a proper construction of the deed of settlement dated May 20, 1943, the transfer of the aforesaid shares by the trustees of Raja Baldeodas Birla Santatikosh is valid or void or voidable ? (2) Whether, on the facts and in the circumstances of the case, even assuming that the transfer of the shares was void, the income from the said shares and accretions which were in fact not received by the assessee but by the Birla Jankalyan Trust was assessable in its hands ?" (B) Income-tax Reference No. 313 of 1980--at the instance of the assessee--under Section 256 (1) of the Act :" (1

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