- (1.) We are of the view that this appeal should be heard by a larger bench. By this order we are indicating, briefly, the reasons for this view.
(2.) It is an appeal by special leave against the judgment of the Madras High court on a reference under Section 66 (1 of the Indian Income Tax Act, 1922, relating to the assessment Years 1960-61 and 1961-62. The question that the High court was called upon to consider read thus: "Whether the Appellate tribunal has justification to direct the Income Tax Officer to quantify the losses for the Assessment years 1952-53 to 1954-55 and allow the set-off against the share income from the partnership firm for 1960-61 and 1961-62 -the High court answered the question in the affirmative and in favour of the assessee (the respondent).
(3.) Very briefly, the relevant facts are that the assessee filed its returns for the Assessment Years 1950-51 to 1955-5 6/04/1956, and claimed that it had suffered losses. The Income Tax Officer issued to the assessee a notice under Section 23 (2 of the Indian Income Tax Act, 1922. fixing the matters for hearing, but, on 3/10/1958, he informed the assessee in writing that no cognizance could be taken of these returns as they had been filed beyond the period stipulated in that behalf.;