SABYASACHI MUKHARJI, J.

1. THIS reference arises out of the assessment for the asst. yr. 1960-61. The assessee is a registered firm owning rice and oil mills at Sainthia in the district of Birbhum of the State of West Bengal. The corresponding previous year relevant for the present assessment is 2015-16 Diwali Samvat. In the course of assessment proceeding for this year the assessee had claimed exemption from tax under S. 15C of the Indian IT Act, 1922, which is allowable to a newly established industrial undertaking. The same claim had also been made by the assessee in respect of the assessment of the immediately precding year, 1959-60, and such claim had been refused originally by the ITO on the ground that rice milling is not an industrial undertaking within the meaning of s. 15C of the said Act. The assessee had preferred an appeal against the said order to the AAC in respect of the said assessment for 1959-60. The AAC had directed that the ITO should allow the benefit under s. 15C to the assessee provide the requisite conditions as laid down in that section were fulfilled. In the revised assessment as made under the directions of the AAC's order passed under s. 31 for