https://www.taxtmi.com/caselaws?id=9690 The court concluded that the income of Rs. 7,80,000 received by the assessee from the Salgaokars was classified as "business income" under section 28 of the Income-tax Act. The court emphasized that the intention of the parties, as evidenced in the agreement, was to exploit the business assets (the hotel) rather than solely derive rental income from property. The court upheld the ITAT's decision in favor of the assessee, determining that the income in question fell under the category of "business income" as per the Income-tax Act. en-us Tue, 13 Sep 2005 00:00:00 +0530 Mon, 29 Jun 2009 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9690 The court concluded that the income of Rs. 7,80,000 received by the assessee from the Salgaokars was classified as "business income" under section 28 of the Income-tax Act. The court emphasized that the intention of the parties, as evidenced in the agreement, was to exploit the business assets (the hotel) rather than solely derive rental income from property. The court upheld the ITAT's decision in favor of the assessee, determining that the income in question fell under the category of "business income" as per the Income-tax Act. Case-Laws Income Tax Tue, 13 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9690