https://www.taxtmi.com/caselaws?id=185004 Rental income from part of a company's business premises was held to be income from property, not business income, because mere ownership and letting of premises do not amount to business unless holding and letting the property is the company's whole or main function. The court also stated that Rule 4(4) of Schedule I to the Excess Profits Tax Act, 1940 cannot enlarge the statutory definition of business or override the substantive provision. As the assessee was primarily a manufacturing company and the letting was only incidental, the rental receipts were not assessable as business profits for excess profits tax purposes. en-us Thu, 05 May 1949 00:00:00 +0530 Wed, 27 Jul 2016 17:07:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185004 Rental income from part of a company's business premises was held to be income from property, not business income, because mere ownership and letting of premises do not amount to business unless holding and letting the property is the company's whole or main function. The court also stated that Rule 4(4) of Schedule I to the Excess Profits Tax Act, 1940 cannot enlarge the statutory definition of business or override the substantive provision. As the assessee was primarily a manufacturing company and the letting was only incidental, the rental receipts were not assessable as business profits for excess profits tax purposes. Case-Laws Income Tax Thu, 05 May 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185004