https://www.taxtmi.com/caselaws?id=255239 The Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the assessee and dismissing the appeal by the revenue. The Tribunal's order allowing deduction under Section 32AB on lease rent as business income was deemed appropriate, considering the company's intent to exploit the asset for commercial gain through leasing activities. The Court agreed that the lease rent income should be treated as business income, emphasizing that the company's income was derived from the commercial exploitation of assets, leading to the dismissal of the revenue's appeal. en-us Tue, 02 Dec 2014 00:00:00 +0530 Wed, 29 Jul 2015 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255239 The Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the assessee and dismissing the appeal by the revenue. The Tribunal's order allowing deduction under Section 32AB on lease rent as business income was deemed appropriate, considering the company's intent to exploit the asset for commercial gain through leasing activities. The Court agreed that the lease rent income should be treated as business income, emphasizing that the company's income was derived from the commercial exploitation of assets, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Tue, 02 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255239