https://www.taxtmi.com/caselaws?id=17883 The court ruled against the assessee, determining that the rental income from the premises should not be classified as business income but as income from house property. The judgment emphasized assessing income based on current circumstances and the nature of property utilization, rather than historical activities. It highlighted the importance of intention and the absence of a direct nexus with business activities in categorizing income. The decision underscored that income should be evaluated independently for each assessment year, leading to a favorable outcome for the Revenue. en-us Mon, 06 May 1996 00:00:00 +0530 Fri, 25 Sep 2009 13:39:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17883 The court ruled against the assessee, determining that the rental income from the premises should not be classified as business income but as income from house property. The judgment emphasized assessing income based on current circumstances and the nature of property utilization, rather than historical activities. It highlighted the importance of intention and the absence of a direct nexus with business activities in categorizing income. The decision underscored that income should be evaluated independently for each assessment year, leading to a favorable outcome for the Revenue. Case-Laws Income Tax Mon, 06 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17883