( 1 ) THE Income-tax Appellate Tribunal, Delhi, has referred the following questions of law under sections 256 (1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for opinion to this Court (The question referred was as follows : "whether the finding of the Income-tax appellate Tribunal that the amount of Rs. 75,000 seized during the previous year in question could not be regarded as advance tax, and the same was also not liable to be reduced while computing interest under Sections 139 (8) and 217 of the Act, is wholly incorrect and is based on improper interpretation of the provisions of law relating to payment of advance tax, etc. ?"--Ed.):

( 2 ) THE reference relates to the assessment year 1977-78. Briefly stated, the facts giving rise to the present petition are as follows : the applicant is a Hindu undivided family. Its accounting year for the assessment year was ending on Diwali, 1976. A search within the meaning of Section 132 of the Act was conducted on 25th and 27th of January, 1977, in the business premises of the applicant when the amount of rs. 75,000 in cash apart from other items were seized from the residential premises. The assess