Law:

Section:

JUDGMENT Tulzapurkar, J.- In this reference as many as 10 questions have been referred to this court for its opinion, some at the instance of the assessee and some at the instance of the department and the basic or primary facts out of which these several questions arise may be stated thus: There is a public limited company called the Amalgamated Electricity Co. Ltd., which carries on the business of supplying electrical energy, originally to Bulsar, Bhiwandi and Belgaum. On 1st April, 1951, it took over two other electric supply companies known as Ajmer Electric Supply Co. Ltd. and Jalgaon Electric Supply Co. Ltd. under separate amalgamation agreements sanctioned by this court by two orders dated 20th July, 1951. Copies of the orders sanctioning the amalgamation together with agreements of amalgamation in the case of each have been annexed as annexure "A" to the statement of the case. The Amalgamated Electricity Co. Ltd. also purchased the undertakings with all the assets minus certain assets and certain specified liabilities of four other companies, namely, Malegaon Electricity Co. (P.) Ltd., Dohad Electricity Co. Ltd., Chalisgaon Electricity Co. Ltd. and Bhusawal Electricity Co. Ltd., supplying electrical energy to the various towns forming part of their name by separate but identical agreements. A specimen of one of these agreements, the one which was entered into with Malegaon Electricity Co. Ltd. for Malegaon supply, dated September 19, 1951, has been annexed as annexure "B" to the statement of the case. The assessees in this reference are Amalgamated Electricity Co. Ltd. (hereinafter called "the Amalgamated"), Ajmer Electricity Co. Ltd. (hereinafter called "the Ajmer") and Malegaon Electricity Co. (P.) Ltd. (hereinafter called "the Malegaon") and each one of these assessees is interested in one or the other questions that have been referred to us for our opinion. Since out of 10 questions that have been referred to this court rival contentions were urged before us only in respect of two or three questions and since in respect of the remaining questions there was not much dispute between the parties inasmuch as those questions had either been covered by…

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