1. - The Income-tax Appellate Tribunal, Jaipur Bench, has referred the following question of law for our opinion :

"1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the reopening of the assessment under section 147(a) of the Income-tax Act, 1961, was not valid ?

2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the previous year in respect of the income from undisclosed sources would be financial year and not the accounting year of the assessee ?

3. Whether, on the facts and in the circumstances of the case, the Tribunal was right in deleting the addition of Rs. 26,000 from the total income of the assessee for the assessment year 1956-57 and Rs. 15,600 from the total income of the assessee for the assessment year 1957-58 ?

4. Whether, on the facts and in the circumstances of the case, the Tribunal was right in cancelling the penalties levied under section 271(1)(c) of the Income-tax Act, 1961, for the assessment years 1956-57 and 1957-58 ? "

2. The ITO, vide his order dated July 6, 1957, and October 17, 1957, had passed orders of original assessment with respect to t