https://www.taxtmi.com/caselaws?id=151791 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) and assessed the rental income from the lease of business assets as income from house property, based on the assessee's cessation of business activities. The addition under section 41(1) of the Income-tax Act was deleted by the CIT(A) and confirmed by the Tribunal, emphasizing that liability ceases only when there is an unequivocal intention not to honor it. Additionally, the Tribunal upheld the deletion of the 10% increase in rent based on interest-free advance, stating that section 23 does not allow for such additions to the annual value of the property. en-us Fri, 02 Feb 2007 00:00:00 +0530 Sat, 15 Jun 2013 18:33:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151791 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) and assessed the rental income from the lease of business assets as income from house property, based on the assessee's cessation of business activities. The addition under section 41(1) of the Income-tax Act was deleted by the CIT(A) and confirmed by the Tribunal, emphasizing that liability ceases only when there is an unequivocal intention not to honor it. Additionally, the Tribunal upheld the deletion of the 10% increase in rent based on interest-free advance, stating that section 23 does not allow for such additions to the annual value of the property. Case-Laws Income Tax Fri, 02 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151791