1. - The Income-tax Appellate Tribunal has referred the following three questions of law arising out of its order dated July 5, 1980, in respect of the assessment year 1974-75 :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in allowing the claim of bad debt of Rs. 52,105 in the account of Messrs. Radheyshyam Ramkishan of Nadbai ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the amount of Rs.6,257 collected by the assessee as cess from its customers on sale of oil could not be assessed as a trading receipt ?

3. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the amount of Rs. 17,316 should be treated as a business loss and not speculation loss ?"

2. The brief facts of the case are that the assessee claimed bad debts of Rs. 52,105 in the account of Messrs. Radheyshyam Ramkishan, Nadbai, which was the proprietary concern of Shri Radheyshyam. This concern was doing commission agency in food grains, etc. The assessee was purchasing oil seeds through this party. In the assessment year 1972-73, the assessee has paid advanc