The Tribunal made a reference of the following two questions under section 66(1) of the Act : "(1) Whether on the facts and in the circumstances of the case the sum of Rs. 11,257/ being a claim for loss on sale of assets on which depreciation was allowable in earlier years is allowable under Section 10 (2) (vii) in computing the total income of the assessee? (2) Whether on the facts and in the circumstances of the case dividend income was to be taken as income, profits and gains of business of the company and set off against losses brought forward from earlier years under section 24(2)?" Since certain other questions had been sought to be referred by the assessee in respect of which the Tribunal declined to make a reference the assessee moved the High Court and the High Court directed that the following questions be referred "(3) Whether in the facts and circumstances of the case, the interest income from Western Kajoria Collieries Ltd. is income taxable under Section 10 of the Indian Income tax Act or under Section 12 of the said Act ? 11 L807SupC.1171 386 (4) Whether on the facts and circumstances of I the case there was any material to hold that the loan of M/s Shri Vijoy Corporation Ltd. was an accommodation loan not advanced during the normal course of money lending business? (5) If the answer to question (4) is that the loan was a business loan whether the debt had become bad in the year of account and deductible in computation of the total income? (6) Whether in the facts and circumstances of the case the Tribunal was right in refusing to allow set off of earlier years business losses under section 24(2)?" The two references were dealt with together by the High Court.