Per Dr. B. P. Saraf, Chief Justice

By this reference under section 256(1) of the Income-tax Act, 1961 ("Act"), the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar ("Tribunal") has referred the following question of law to this Court for opinion at the instance of the revenue:

"Whether on the facts and the circumstances of the case, the Tribunal is correct in law in holding that the assessee is entitled to the benefit of the carry forward of loss determined on the basis of return filed in response to notice u/s 148 of the Income-tax Act."

2. The material facts giving rise to this controversy, briefly stated, are as follows. The assessee, M/s Agro Industries Corporation, was established for promotion of agro industries and improvement of agriculture in the State of Jammu and Kashmir. For the assessment year 1975-76, the assessee did not file its return of income under the Income-tax Act within the period allowed under section 139(1). No notice was issued under section 139(2) of the Act to the assessee by the Income-tax Officer. However, on 27.2.1978, a notice under section 148 of the Act was issued and served upon the assessee. In response to the said notice, the assessee filed

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