- (1.) THE assessee-company had been running a transport business which it was constrained to discontinue in 1948. The work done by it, thereafter, consisted of looking after and maintaining its assets, the sale of plots of land owned by it and income from rent and interest.
(2.) WITH regard to the assessment year 1977-78, a controversy arose concerning the salary said to have been paid to one Khushi Ram, an employee of the assessee. This led to the following question of law being referred for the opinion of this court, namely : "whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the proceedings under Section 147 (b) had been validly initiated ?"
(3.) THIS question has to be returned unanswered as it has become infructuous in view of the fact that after the reopening of the assessee's assessment, his plea stands accepted and no matter thus survives for this court to express its opinion upon.;