https://www.taxtmi.com/caselaws?id=372725 The Tribunal held that the rental income earned by the assessee from letting out its factory premises should be assessed under the head "income from other sources," rather than "income from house property." The decision was based on the temporary nature of letting out the factory premises during a business slowdown, supported by relevant case-law. As a result, the appeal of the assessee was allowed, overturning the Commissioner of Income Tax (Appeals) order. The judgment clarified the classification of income from temporary commercial asset utilization, distinguishing between different income heads based on asset utilization and commercial exploitation. en-us Fri, 09 Nov 2018 00:00:00 +0530 Fri, 28 Dec 2018 11:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372725 The Tribunal held that the rental income earned by the assessee from letting out its factory premises should be assessed under the head "income from other sources," rather than "income from house property." The decision was based on the temporary nature of letting out the factory premises during a business slowdown, supported by relevant case-law. As a result, the appeal of the assessee was allowed, overturning the Commissioner of Income Tax (Appeals) order. The judgment clarified the classification of income from temporary commercial asset utilization, distinguishing between different income heads based on asset utilization and commercial exploitation. Case-Laws Income Tax Fri, 09 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372725