JUDGMENT

N.V. BALASUBRAMANIAN, J.---
The above tax case references are at the instance of the assessees and they relate to the assessment years 1971-72 and 1973-74. The following questions of law have been referred to us for our consideration:"(1) Whether, on the facts and circumstances of the case, the Tribunal was right in law in holding that notwithstanding the decision of the Supreme Court in the case of Indian and Eastern Newspapers Society v. CIT (1979) 119 ITR 996, disapproving ,Its earlier decision in R.K. Malhotra, ITO v. Kasturbhai Lalbhai (1977) 109 ITR 537 (SC) the authorities below were bound by the order, dated July 31, 1978, of the Tribunal rendered on the basis of the earlier decision of the Supreme Court?(2) Whether the Tribunal ought not to have held that the law laid down by the Supreme Court in R.K. Malhotra, ITO v. Kasturbhai Lalbhai (1977) 109 ITR 537 having been disapproved in Indian and Eastern Newspapers Society v. CIT (1979) 119 ITR 996 ('SC), is not the law to be app...