https://www.taxtmi.com/caselaws?id=332649 The High Court held that the income from leasing out business assets should be classified as business income, overturning the Tribunal's decision to treat it as income from other sources. The Court emphasized the intention behind the lease, the investment required, and the specific clauses in the lease deeds. The Court found the Tribunal's assumption regarding the relationship between the parties to be erroneous and concluded that the income should be assessed as business income. The appeal was allowed in favor of the assessee, and the decision favored the assessee over the Revenue. en-us Fri, 16 Sep 2016 00:00:00 +0530 Wed, 21 Sep 2016 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332649 The High Court held that the income from leasing out business assets should be classified as business income, overturning the Tribunal's decision to treat it as income from other sources. The Court emphasized the intention behind the lease, the investment required, and the specific clauses in the lease deeds. The Court found the Tribunal's assumption regarding the relationship between the parties to be erroneous and concluded that the income should be assessed as business income. The appeal was allowed in favor of the assessee, and the decision favored the assessee over the Revenue. Case-Laws Income Tax Fri, 16 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332649