- (1.) THE matter here pertains to two questions referred for the opinion of this court the first of which stands covered by our earlier decision in Income-tax Reference No. 36 of 1981 (New Sura] Financiers and Chit Fund Co. Pvt. Ltd. v. CIT [1989] 179 ITR 476) decided on March 14, 1989.
(2.) THE question read as under : "whether, on the facts and circumstances of the case, when income from property has been separately assessed and no loan in cash has been advanced by the assessee to New Suraj Transport Co. (P.) Ltd. and only transfer entries has been passed whereby New Suraj Transport Co. (P.) Ltd. , has been debited by the assessee with Rs. 1,29,450 representing the sale consideration of the properly in question sold as per sale deed dated April 25, 1974, Rs. 15,534 assessed under the head 'interest' could be legally assessed as income of the assessee ?"
(3.) IN view of our judgment in New Suraj Financiers and Chit Fund Co. Pvt. Ltd. 's case [1989] 179 ITR 476, this question is answered in the negative, in favour of the assessee.;