P. B. MUKHARJI, J. : Has Parliament succeeded in bringing "Surplus" of a mutual insurance business not dealing with life, within the impact of Income-tax, is the main question in this Income-tax Reference.

2. This reference is made by the Tribunal under S. 66(1) of the Indian-Income-tax Act at the instance of the assessee, the Calcutta Hospital and Nursing Home Benefits Association Ltd., for the determination by this Court of the following questions of law :

1. Whether the profit arising to the assessee company from miscellaneous insurance transactions of mutual character was assessable under the Indian Income-tax Act ?

2. If the answer to question No. 1 is in the affirmative whether on the facts and in the circumstances of the case the balance of the profits as disclosed in the assessee companys profit and loss account after deducting the various reserves should be taxable profits within the meaning of S. 2(6C) read with Rule 6 of the Schedule of the Indian Income-tax Act.

3. There were five applications which have been consolidated into one statement of case covering the different assessment years. The Tribunal disposed of these applications by the consolidated order of the