AJIT K. SENGUPTA, J.

( 1 ) AT the instance of the Commissioner of Income-tax, the following questions of law have been referred to this court under Section 256 (1) of the I. T. Act, 19. 61, for the assessment years 1969-70, 1970-71 and 1971-72. " (1) Whether, on the facts and in the circumstances of the case, and on a correct interpretation of Section 80b (5), Section 80a (2) and other relevant provisions of the Income-tax Act, 1961, the Tribunal was correct in holding that setting off of the current year's losses and carried forward losses of the earlier years against the current year's income under Sections 71 and 72 of the said Act was not part of the computation of total income and deductions under Sections 80l and 80m should be allowed even if the net result after such setting off was a negative figure ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in annulling the orders of the Income-tax Officer under Section 154 of the Income-tax Act, 1961, in the view that there was no mistake apparent from the record in the earlier orders granting relief under Sections 80l and 80m of the said Act ?"

( 2 ) THE facts which are admitted and/or fou

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