( 1 ) THE Income Tax Appellate Tribunal has referred the following two questions under Section 256 (1) of the Income-tax Act (hereinafter referred to as "act") relating to the assessment years 1992-93 for opinion to this Court:

" (1) Whether on the facts and in the circumstances of the case, the IT AT was legally justified in deleting the addition of Rs. 48. 98 lacs made by the A. O. on account of lowering of prices of the goods sold which the ITAT have allowed as a measure of business expediency? (2) Whether on the facts and in circumstances of the case, the" ITAT was legally justified in directing to compute the deduction under Section 80-I on total income without excluding any deduction Under Section 80 HH over looking the provisions of Sub-section (9) of section 80hh?"

( 2 ) THE brief facts of the case are as follows: the assessee/opposite party (hereinafter referred to as "assessee") is a public limited company engaged in the manufacture and sale of various items such as hair oil, toothpaste, shaving cream, perfumes etc. The main buyer of the product was Dabur India Limited who have sold them under their own brand name. The Assessing Authority found that there w