https://www.taxtmi.com/caselaws?id=118004 The Tribunal determined that the income should be classified as income from other sources and not business income due to the nature of the transactions being financial arrangements rather than genuine leases. It disallowed depreciation on used gas cylinders as the assessee was not engaged in the regular business of leasing out cylinders. The Tribunal upheld the allowance of irrecoverable rent but disallowed business expenses, directing the AO to treat the interest income as income from other sources. The Tribunal partly allowed the appeals filed by the Revenue and dismissed the appeal regarding irrecoverable rent. en-us Mon, 02 Aug 2004 00:00:00 +0530 Wed, 27 Jun 2012 17:49:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118004 The Tribunal determined that the income should be classified as income from other sources and not business income due to the nature of the transactions being financial arrangements rather than genuine leases. It disallowed depreciation on used gas cylinders as the assessee was not engaged in the regular business of leasing out cylinders. The Tribunal upheld the allowance of irrecoverable rent but disallowed business expenses, directing the AO to treat the interest income as income from other sources. The Tribunal partly allowed the appeals filed by the Revenue and dismissed the appeal regarding irrecoverable rent. Case-Laws Income Tax Mon, 02 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118004