https://www.taxtmi.com/caselaws?id=221152 The Tribunal affirmed that income from sub-leasing of land should be classified as business income, rejecting the Assessing Officer's view. The expenses related to sub-leasing were allowed as business expenses, aligning with the company's objectives. Set-off of brought forward business losses was permitted due to the commencement of business activities. Section 32(2) depreciation was applicable as the income was considered business income. The Tribunal upheld the lower authorities' decisions, dismissing the Revenue's appeal. en-us Fri, 23 Nov 2012 00:00:00 +0530 Thu, 25 Oct 2018 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221152 The Tribunal affirmed that income from sub-leasing of land should be classified as business income, rejecting the Assessing Officer's view. The expenses related to sub-leasing were allowed as business expenses, aligning with the company's objectives. Set-off of brought forward business losses was permitted due to the commencement of business activities. Section 32(2) depreciation was applicable as the income was considered business income. The Tribunal upheld the lower authorities' decisions, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 23 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221152