https://www.taxtmi.com/caselaws?id=171405 Income from leasing factory premises and plant and machinery may constitute business income where those assets continue to be exploited as business or commercial assets, even if the assessee does not itself carry on manufacturing operations. The decisive factor is the factual finding whether the business has in substance ceased or whether the assets remain deployed in the course of business activity. On the facts found, the Tribunal treated the assets as continuing business assets and the letting as part of the business activity, so the lease rentals were available for set-off against carried forward business losses under section 24(2) of the Income-tax Act. en-us Mon, 17 Mar 1958 00:00:00 +0530 Mon, 20 Jul 2015 10:23:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171405 Income from leasing factory premises and plant and machinery may constitute business income where those assets continue to be exploited as business or commercial assets, even if the assessee does not itself carry on manufacturing operations. The decisive factor is the factual finding whether the business has in substance ceased or whether the assets remain deployed in the course of business activity. On the facts found, the Tribunal treated the assets as continuing business assets and the letting as part of the business activity, so the lease rentals were available for set-off against carried forward business losses under section 24(2) of the Income-tax Act. Case-Laws Income Tax Mon, 17 Mar 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171405