JUDGMENT
S. Ranganathan, J.
1. This petition really relates to the asst. yrs. 1972-73 and 1974-75 to 1977-78. Counsel for the petitioner, however, states that separate applications will be filed for the asst. yrs. 1974-75 to 1977-78 and that this application may be restricted to the asst. yr. 1972-73. We proceed on this basis. He will be at liberty to file separate applications for the asst. yrs. 1974-75 to 1977-78, if so advised.
2. After hearing counsel, we are of opinion that two questions of law arise out of the order of the Tribunal which call for reference to this court. They are :
1. Whether the Tribunal was right in holding that in computing the profits and gains of the firm on the sale of the properties in question the value of the plot brought in by one of the partners, Mr. Wadhera, by way of capital contribution should be taken at the figure with which he was initially credited in respect of that plot, namely Rs. 2,01000 or should the value be taken on some other basis ? If so, what basis ?
2. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that assessed is not entitled from the computation of its profits to the deduction of Rs. 3,00,000 paid to Dr.Miss Lila Raj and Dr. Miss Shanti Raj by the assessed firm ?
3. We direct the Tribunal to state a case and refer the above question for the decision of this court. The application is disposed of. No costs.
4. We may point out that one common question of law arises has been directed to be referred in ITC 145/85, 149/85 and 165/86. The Tribunal may, therefore, make a consolidated statement of case for all the three assessment years if that will be convenient.
