https://www.taxtmi.com/caselaws?id=15106 The court held that the rental income derived from leasing sheds and godowns by co-owners should be treated as property income of the individual co-owners under section 26 of the Income-tax Act. The court rejected the argument that the activity constituted an "adventure in the nature of trade," emphasizing that the income allocation should be based on the co-owners' contributions and ownership interests. Consequently, the income was not assessed as business income of the association of persons but as property income of the co-owners, leading to a favorable outcome for the assessee with no costs awarded. en-us Mon, 30 Mar 1998 00:00:00 +0530 Mon, 03 Aug 2009 11:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15106 The court held that the rental income derived from leasing sheds and godowns by co-owners should be treated as property income of the individual co-owners under section 26 of the Income-tax Act. The court rejected the argument that the activity constituted an "adventure in the nature of trade," emphasizing that the income allocation should be based on the co-owners' contributions and ownership interests. Consequently, the income was not assessed as business income of the association of persons but as property income of the co-owners, leading to a favorable outcome for the assessee with no costs awarded. Case-Laws Income Tax Mon, 30 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15106