1. - This is a reference under section 256(1) of the Income-tax Act, 1961 (" the Act "), at the instance of the assessee for the decision by this court of the following questions of law, namely:

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the assessee-firm was not entitled to registration for the assessment year 1972-73 and continuation of registration for the assessment year 1973-74 due to non-specification of shares in losses in the partnership deed dated October 30, 1971 ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that shares in losses were not specified in the partnership deed dated October 30, 1971 ? "

2. This reference initially came up for hearing before a Division Bench when it was indicated at the hearing that a Division Bench decision of this court in Raj Construction Co. v. Addl. CIT [1986] 157 ITR 734 , does not appear to be in consonance with the Supreme Court decision in Mandyala Govindu & Co. v. CIT [1976] 102 ITR 1 . For this reason, the Division Bench referred the matter for decision by a larger Bench. This is how the reference has come up