https://www.taxtmi.com/caselaws?id=273876 Lease of a rice mill did not convert a business asset into mere property income where the assessee continued other business activity and the mill remained part of its commercial structure. The court applied the wide meaning of "business" and held that temporary letting of a business asset can still amount to exploitation of that asset in the course of business, rather than cessation of business use. On those facts, the lease income remained business income, and the excess of sale proceeds over written-down value was taxable as profit. en-us Wed, 13 Jan 1965 00:00:00 +0530 Wed, 18 Jul 2018 14:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273876 Lease of a rice mill did not convert a business asset into mere property income where the assessee continued other business activity and the mill remained part of its commercial structure. The court applied the wide meaning of "business" and held that temporary letting of a business asset can still amount to exploitation of that asset in the course of business, rather than cessation of business use. On those facts, the lease income remained business income, and the excess of sale proceeds over written-down value was taxable as profit. Case-Laws Income Tax Wed, 13 Jan 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273876