JUDGMENT

A. K. GANGULY, J. — All these reference matters were heard together as common question is involved in respect of four assessment years and as such they are decided by the following judgment.

The common question which falls for a decision in all these cases is :-

“Whether in the facts and in the circumstances, and on a true construction and interpretation of the Gazette Notification dated 30th August, 1991, read with the clarification dated 17th March, 1993 issued by the Department of Company Affairs, Income Tax Appellate Tribunal was justified in coming to the conclusion that amalgamation of OMC Alliance Limited, the erstwhile subsidi¬ary company with Orissa Mining Corporation Limited became effec¬tive from 30th August, 1991 and not from 1st April, 1986 and consequent denying the claim of OMC for treating all the opera¬tion of the erstwhile subsidiary as that of the Parent Company, namely, OMC from 1st April, 1986 and resultant loss”.

2. It is only the above question which has been referred to this Court by the Tribunal. The material facts of the case appear from the referring order of the Tribunal and which are as follows;

3. The Orissa Mining Corporation (hereinafter