( 1 ) THE Tribunal has referred the following question of law under Section 256 (1) of the Income-tax Act, 1961 ("the Act") :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessments made by the Income-tax Officer on February 26, 1970, and February 15, 1974, respectively, for the two years under reference were not barred by limitation ?"

( 2 ) THE relevant assessment years are the assessment years 1964-65 and 1970-71 and the corresponding accounting years ended on November 15, 1963, and November 9, 1969, respectively.

( 3 ) THE assessee is a registered firm.

( 4 ) THE facts as found by the Tribunal are as under : for the years under reference, the assessee did not file its returns of income as contemplated under Section 139 (1) of the Act nor was the assessee required to file its returns of income as contemplated under Section 139 (2 ). On September 10, 1965, and August 17, 1970, the assessee suo motu filed its first set of returns of income respectively, for the two years under reference which were not accompanied by the profit and loss account and balance-sheet as required under the Act and the