https://www.taxtmi.com/caselaws?id=178398 The Tribunal classified the lease income as 'income from other sources' rather than 'business income' due to the absence of commercial exploitation of assets. It remanded expense allowability for verification of nexus with income. Depreciation on leased assets was permitted, but set-off of unabsorbed depreciation was disallowed without business activity. Interest disallowance on advances was upheld, and interest under Section 234B was not specifically addressed. The decision stressed the significance of income generation nature and intention in determining classification and deductions. en-us Thu, 30 Dec 2010 00:00:00 +0530 Wed, 03 Feb 2016 19:03:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178398 The Tribunal classified the lease income as 'income from other sources' rather than 'business income' due to the absence of commercial exploitation of assets. It remanded expense allowability for verification of nexus with income. Depreciation on leased assets was permitted, but set-off of unabsorbed depreciation was disallowed without business activity. Interest disallowance on advances was upheld, and interest under Section 234B was not specifically addressed. The decision stressed the significance of income generation nature and intention in determining classification and deductions. Case-Laws Income Tax Thu, 30 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178398