https://www.taxtmi.com/caselaws?id=272482 An oil mill built out of capital from an existing flour mill business was treated as a commercial asset because it was created as an extension of the business and not as a separate investment. Income from temporarily letting out that oil mill was held to be business income under section 2(5) of the Excess Profits Tax Act, since the asset remained part of the business apparatus and was later worked by the assessee himself. The reference was answered in favour of the Revenue on both points. en-us Thu, 01 Sep 1960 00:00:00 +0530 Fri, 04 May 2018 17:28:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272482 An oil mill built out of capital from an existing flour mill business was treated as a commercial asset because it was created as an extension of the business and not as a separate investment. Income from temporarily letting out that oil mill was held to be business income under section 2(5) of the Excess Profits Tax Act, since the asset remained part of the business apparatus and was later worked by the assessee himself. The reference was answered in favour of the Revenue on both points. Case-Laws Income Tax Thu, 01 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272482