(1.) THIS is a reference under Section 256(1) of the I.T. Act, 1961.
(2.) THE assessee is a registered firm consisting of four partners. During the relevant accounting period the business of the assessee-firm consisted of money-lending and sale of petroleum products and also sale of motor parts, tyres and tubes. THE assessee-firm came into existence after a partial partition in the family in April, 1956, and the accounts of the firm closed for the first time on March 31, 1957.
(3.) ON an application made by the assessee, the Tribunal has referred to this court the following question for its opinion :