https://www.taxtmi.com/caselaws?id=276761 Income from a let building was not taxable as business income because the letting was not shown to be a business venture and the property was not exploited as a business asset. The statutory scheme distinguished property income under section 9 from business income under section 10 and other-source income under section 12. Section 12(3) applied to letting of machinery, plant or furniture on hire, while section 12(4) applied to a building only where the primary letting was of machinery, plant or furniture and the building was let inseparably with it. Accordingly, the building income fell under section 9, the furniture and fixtures income under section 12(3), and none was assessable under section 10. en-us Thu, 02 Jul 1959 00:00:00 +0530 Fri, 16 Nov 2018 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276761 Income from a let building was not taxable as business income because the letting was not shown to be a business venture and the property was not exploited as a business asset. The statutory scheme distinguished property income under section 9 from business income under section 10 and other-source income under section 12. Section 12(3) applied to letting of machinery, plant or furniture on hire, while section 12(4) applied to a building only where the primary letting was of machinery, plant or furniture and the building was let inseparably with it. Accordingly, the building income fell under section 9, the furniture and fixtures income under section 12(3), and none was assessable under section 10. Case-Laws Income Tax Thu, 02 Jul 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276761