- (1.) At the instance of CIT, Tribunal has referred three questions 1, 2, 3 and at the instance of assessee, Tribunal has referred the following question, which is marked as question No. 4 under Section 256(2) of the IT Act, 1961 (hereinafter referred to as "the Act"), for opinion of this Court relating to the asst. yrs. 1987-88 and 1988-89: "1. Whether, on the facts and in the circumstances of the case, the Hon'ble Tribunal was correct in holding that income from leasing of Balrampur Lodge to SBI, was assessable as business income and not as income from house property?
(2.) Whether, on the facts and in the circumstances of the case, the Hon'ble Tribunal was correct in holding that expenses incurred on Nainital property be allowed as business expenses ignoring the fact that these expenses were not at all related to business activity ?
(3.) Whether, on the facts and in the circumstances of the case, the Hon'ble Tribunal was correct in holding that treatment of receipts from workshop, cold storage, motor garage, Raj Oil Pump and supervision charges of development division should be taxed under the head income from business and not under the head income from other sources ?;