https://www.taxtmi.com/caselaws?id=16561 The High Court upheld the Tribunal's decision that lease income derived from foundry machinery should be assessed under the head of other sources for the assessment year 1974-75. The Court emphasized that the assessee was no longer engaged in managing agency business during the relevant year, and without a specific claim for the lease income to be classified as business income, it could not be so categorized. The Court relied on precedent and the absence of the managing agency system to support the classification of the lease income as income from other sources, ruling in favor of the Department. en-us Mon, 10 Feb 1997 00:00:00 +0530 Tue, 08 Sep 2009 15:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16561 The High Court upheld the Tribunal's decision that lease income derived from foundry machinery should be assessed under the head of other sources for the assessment year 1974-75. The Court emphasized that the assessee was no longer engaged in managing agency business during the relevant year, and without a specific claim for the lease income to be classified as business income, it could not be so categorized. The Court relied on precedent and the absence of the managing agency system to support the classification of the lease income as income from other sources, ruling in favor of the Department. Case-Laws Income Tax Mon, 10 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16561