https://www.taxtmi.com/caselaws?id=12711 The Tribunal upheld the treatment of rental income as business income for a registered firm deriving income from manufacturing and repair activities, allowing the deduction of salary paid to partners under section 40(b) of the Income-tax Act. The Tribunal found that the rental income from letting out old premises for commercial purposes falls under the head "Income from business or profession," aligning with established law that hinges on the commercial exploitation of assets. Consequently, the Tribunal determined that no question of law arose from their decision as the commercial nature of the leased premises was upheld. en-us Tue, 15 Jul 1997 00:00:00 +0530 Thu, 21 May 2009 13:46:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12711 The Tribunal upheld the treatment of rental income as business income for a registered firm deriving income from manufacturing and repair activities, allowing the deduction of salary paid to partners under section 40(b) of the Income-tax Act. The Tribunal found that the rental income from letting out old premises for commercial purposes falls under the head "Income from business or profession," aligning with established law that hinges on the commercial exploitation of assets. Consequently, the Tribunal determined that no question of law arose from their decision as the commercial nature of the leased premises was upheld. Case-Laws Income Tax Tue, 15 Jul 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12711