JUDGMENT :

P.N. Bhagwati, J.

This reference raises a very interesting question of law relating to the interpretation of section 271(1)(a) of the Income-tax Act, 1961 (hereinafter referred to as "the new Act"). The facts giving rise to the reference are few and may be briefly stated as follows. The assessee is a registered firm and for the assessment year 1961-62, the assessee was required to furnish its return of income on or before 30th June, 1961, by virtue of the public notice issued by the Income-tax Officer under section 22, sub-section (1) of the Indian Income-tax Act, 1922 (hereinafter referred to as "the old Act"). The date for delivery of the return, namely, 30th June, 1961, was not extended by the Income-tax Officer under the proviso to section 22, sub-section (1), and the assessee should have, therefore, filed its return of the income on or before that date. But the assessee failed to do so and filed its return of income as late as 31st January, 1966. By that time the old Act was repealed and the new Act had taken its place and section 297(2)(b) of the new Act required that since the return of income was filed by the assessee after the commencement of the new Act, the asse