1. This is a reference under Sec.256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The questions, referred to us, for our opinion, are as follows :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the first return filed on May 31, 1972, was a valid return though it was not accompanied by the statement of accounts supporting the income shown in the return ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that an application for extension of time made on September 30, 1971, but received in the Income-tax Office on October 1, 1971, could be considered in deciding the question of reasonableness for the delay in filing of the return ?"

2. In this reference, we are concerned with the assessment year 1971-72. The due date for filing the return was October 30, 1971. Application for extension of time to file the return was filed on October 1, 1971. Although the application bears the date September 30, 1971, the finding is that it had been filed on October 1, 1971. A return for the relevant assessment year was filed on May 31, 1972, showing an income o