( 1 ) THE Income-tax Appellate Tribunal, Delhi, has referred the following question of law Under section 256 (1) of the Income-tax Act, 1961, (hereinafter referred to as "the Act"), for the opinion of this court.

"whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in holding that the income of the assessee-co-operative society from a cold storage was exempt under the provisions of Section 80p (2) (e) of the Income-tax Act, 1961 ?"

( 2 ) BRIEFLY stated the facts giving rise to the present reference are as follows : the respondent, namely, M/s. District Co-operative Federation, Bulandshar, is a cooperative society. The present reference relates to the year 1979-80. It had originally filed the return on june 28, 1979, showing a total income of Rs. 73,630. However, it revised its return on February 16, 1982, showing a total loss of Rs. 1,02,240. In the course of assessment proceedings it also filed a letter dated November 29, 1982, claiming deduction of Rs. 24,960 Under Section 80p (2) (a) (ii) in respect of brick kiln business claiming it to be a cottage industry thereby increasing the returned loss to Rs. 1,27,200