Per Desai, J. - Counsel are agreed that questions Nos. (1) & (3) are covered by the decision of the supreme Court in : 59ITR767(SC) and may be answered in the affirmative and in favour of the assessee. Questions (1) & (3) answered accordingly.
Counsel are also agreed that question No. (2) is covered by the decision of the Supreme Court reported in : 69ITR864(SC) and may be answered in the affirmative and in favour of the assessee. The question is answered accordingly.
Parties to bear their own costs of the reference.