( 1 ) BY this reference application the following three questions are referred for our opinion :"1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in upholding the order of the Commissioner of Income tax (Appeals) that the income derived from storage charge from the leasehold land at 153a, Acharya Prafulla Chandra Road, Calcutta, would be assessable under the head 'business' ?

( 2 ) WHETHER, on the facts and in the circumstances of the case, the Tribunal was correct in law in upholding the order of the Commissioner of Income-tax (Appeals) that interest received on loan to Kedamath Mohanlal would be assessable under the head 'business' ?

( 3 ) WHETHER, on the facts and in the circumstances of the case, the Tribunal was correct in law in upholding the finding of the Commissioner of Income-tax (Appeals) that depreciation on the flat 'rajhans' and the maintenance expenditure for the name would be deductible as business expenditure ?"2. The assessee has constructed a factory shed and started an oil mill. As he suffered heavy losses, he closed the oil mill and even sold the machinery installed for the business. Thereafter the assessee-company

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