( 1 ) IN respect of the assessment years 1968-69 and 1969-70, the Income-tax Tribunal, under section 256 (1) of the Income Tax Act, 1961, has referred a few questions of law to this Court. Though most of the questions are overlapping, we shall, however, deal with the questions separately.

( 2 ) IN respect of the assessment year 1968-69, the Tribunal has referred six questions of law to this Court. These are as follows:-

"1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to depreciation under section 32 (l) (ii) of the Income-tax Act, 1961 in respect of Blocks and Toolings of Rs. 22. 750. 00 acquired and used in the previous year 1967-68 relevant to the assessment year 1968-69 ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the grounds regarding the computation of capital employed in the industrial undertaking and the quantum of deduction u/s. 80-J could not be agitated before it u/ss. 253 and 254 of the Income- tax Act, 1961?

3. Whether, on the facts and in the circumstances of the case die depreciation of the current year is deductible in computing the profits and gai