https://www.taxtmi.com/caselaws?id=11271 The court classified the lease rent income for the assessment years 1978-79, 1979-80, and 1981-82 as "business income" rather than "income from other sources." It found that the lease agreements were temporary measures to address financial difficulties, with the petitioner retaining control and options over the factory. The court emphasized the absence of renewal clauses in the lease deeds and the consistent intention in directors' reports to terminate the lease if financial conditions improved. The appeal was allowed, indicating that future assessments could differ if new facts suggested a permanent arrangement, provided they were not inconsistent with previous findings. en-us Fri, 05 Dec 2003 00:00:00 +0530 Tue, 04 Aug 2009 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11271 The court classified the lease rent income for the assessment years 1978-79, 1979-80, and 1981-82 as "business income" rather than "income from other sources." It found that the lease agreements were temporary measures to address financial difficulties, with the petitioner retaining control and options over the factory. The court emphasized the absence of renewal clauses in the lease deeds and the consistent intention in directors' reports to terminate the lease if financial conditions improved. The appeal was allowed, indicating that future assessments could differ if new facts suggested a permanent arrangement, provided they were not inconsistent with previous findings. Case-Laws Income Tax Fri, 05 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11271