S.P.Goyal, J.

1. The following two questions have been referred to this court by the Tribunal under Section 256(1) of the I.T. Act, 1961, (hereinafter called "the Act");

"(1) Whether, on the facts of the case, the Tribunal was right, in law, in holding that the sum of Rs. 2,13,618 received by the assessee by virtue of the provisions of the proviso to Section 7A(4), Indian Electricity Act, 1910 , formed part of the price within the meaning of Clause (b) of Explanation (1) occurring below Section 32(1)(iii), Income-tax Act, 1961, and denning the term "money payable", as occurring in Section 41(2), Income-tax Act, 1961 ?

(2) Whether, on the facts of the case, the Tribunal was right, in law in reducing the written down value by a sum of Rs. 1,69,890 representing the consumers contributions ?"

2. The learned counsel for the assessee has very fairly conceded that question No. 1 stands concluded against him in view of the Supreme Court decision in Fazilka Electric Supply Co. Ltd. v. CIT [1962] 46 ITR 127 and a decision of this court in Sonepat Light, Power and General Mills Ltd. v. CIT [9961] 59 ITR 392. The question is, accordingly, answered in favour of the Revenue.

3. The relev