https://www.taxtmi.com/caselaws?id=66196 The Tribunal held that the lease income from leasing out the mill premises with plant and machinery should be classified as 'business income' and not 'income from other sources'. The Tribunal distinguished previous cases and emphasized that since the mill was treated as a commercial asset and there was an intention to resume business operations, the income derived should be considered as 'business income'. The lower authorities' decisions were overturned, directing the Assessing Officer to treat the lease amounts as part of the business income for the relevant assessment years. The appeals were allowed in favor of the assessee. en-us Tue, 29 Jun 1993 00:00:00 +0530 Tue, 22 Feb 2011 10:56:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66196 The Tribunal held that the lease income from leasing out the mill premises with plant and machinery should be classified as 'business income' and not 'income from other sources'. The Tribunal distinguished previous cases and emphasized that since the mill was treated as a commercial asset and there was an intention to resume business operations, the income derived should be considered as 'business income'. The lower authorities' decisions were overturned, directing the Assessing Officer to treat the lease amounts as part of the business income for the relevant assessment years. The appeals were allowed in favor of the assessee. Case-Laws Income Tax Tue, 29 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66196