- (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 let out the open space and godown to different parties and earned rental income. The claim of the assessee was disallowed only on the ground that the assessee is the owner of the superstructure on the leasehold land and not the owner of the plot of land. 3. It is immaterial whether the assessee is owner of a plot of land or not but admittedly he is the owner of the superstructures on the land which were constructed by the assessee and were let out to different parties for a limited period for the year under consideration and even in the earlier years and in those years rental income from those structures was treated as income of the assessee from business. Therefore, whether the plot of land was registered or owned by the assessee is immaterial to ascertain whether the rental income is from the business or not. Accordingly, we answer the first question in the affirmative, that is, in favour of the assessee and against the Revenue.;