https://www.taxtmi.com/caselaws?id=7125 Income from leasing a running factory remained business income because the factory was acquired and improved as a commercial asset and continued to retain its business character despite being let year to year. The lease was treated as a mode of exploiting the asset for profit, so the receipts were taxable as business income. The second proviso to section 10(2)(vii) also applied to tax the excess realised on sale of depreciated machinery while the business was still being carried on; it operated as a charging provision for escaped profit and was not displaced by section 12(3). en-us Wed, 13 Dec 1967 00:00:00 +0530 Tue, 10 Feb 2009 19:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7125 Income from leasing a running factory remained business income because the factory was acquired and improved as a commercial asset and continued to retain its business character despite being let year to year. The lease was treated as a mode of exploiting the asset for profit, so the receipts were taxable as business income. The second proviso to section 10(2)(vii) also applied to tax the excess realised on sale of depreciated machinery while the business was still being carried on; it operated as a charging provision for escaped profit and was not displaced by section 12(3). Case-Laws Income Tax Wed, 13 Dec 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7125