( 1 ) BOTH the appeals filed under Section 260a of the IT Act, 1961 (hereinafter referred to as the act) by U. P. Bhumi Sudhar Nigam, Lucknow (hereinafter referred to as the nigam) raise common substantial question of law.

( 2 ) INCOME-TAX Appeal No. 3 of 1999 relates to the asst. yr. 1995-96 whereas IT Appeal No. 4 of 1999 relates to the asst. yr. 1994-95. In both the appeals the following substantial questions of law with the difference in the figure of receipts have been raised :

" (i) Whether the Tribunal was legally correct in holding that the appellant-company is not the government and its income, therefore, was not outside the provisions of IT Act ? (ii) Whether, on the due consideration of the true nature of receipts amounting to Rs. 47,23,315 and the attendant facts and circumstances of the case, the Tribunal was legally correct in affirming taxability thereof, as income, in the case of assessee ? (iii) Whether there was any material for the Tribunal to come to the conclusion that interest received in relation to the funds which got deployed with scheduled/nationalised banks remained lying with the appellant-Nigam, and there was no diversion of the same, a