https://www.taxtmi.com/caselaws?id=6329 Income from sub-letting stalls in a leasehold market property was treated as business income where the assessee's acquisition, improvement and commercial exploitation of the premises formed part of its trading venture. The Act's residuary head applies only if income is not chargeable under a specific head, and the decisive enquiry was whether the property was held and let as an investment or as part of business activity. On the stated facts, the assessee acted as a trader in property rather than as a passive owner, so the receipts were assessable under the business head and not as income from other sources. en-us Tue, 04 Jan 1972 00:00:00 +0530 Mon, 02 Nov 2015 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6329 Income from sub-letting stalls in a leasehold market property was treated as business income where the assessee's acquisition, improvement and commercial exploitation of the premises formed part of its trading venture. The Act's residuary head applies only if income is not chargeable under a specific head, and the decisive enquiry was whether the property was held and let as an investment or as part of business activity. On the stated facts, the assessee acted as a trader in property rather than as a passive owner, so the receipts were assessable under the business head and not as income from other sources. Case-Laws Income Tax Tue, 04 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6329