(1.) THIS is a reference under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), at the instance of the assessee.
(2.) THE assessee is a firm. Since the assessment year 1965-66 it was enjoying the benefit of registration granted under Section 185(1)(a) of the Income-tax Act. In respect of the subsequent years, this registration had its effect as the assessee was filing the declaration as provided under Section 184(7) of the Act.
(3.) IN Board of Revenue v. Raj Brothers Agencies, AIR 1973 SC 2307, it was held (p. 2308) :