https://www.taxtmi.com/caselaws?id=19666 The High Court held that the lease income received by the assessee was rightly assessed as 'income from business' under section 28 of the Income-tax Act. The court found that the assessee's temporary suspension of manufacturing activity did not negate its intention to resume business, distinguishing it from prior case law. However, the assessee was denied the development rebate on new machinery leased out as the machinery was not wholly used for the assessee's business, emphasizing the requirement for unity of ownership and user in business operations. en-us Fri, 09 Sep 1994 00:00:00 +0530 Sat, 07 Nov 2009 17:23:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19666 The High Court held that the lease income received by the assessee was rightly assessed as 'income from business' under section 28 of the Income-tax Act. The court found that the assessee's temporary suspension of manufacturing activity did not negate its intention to resume business, distinguishing it from prior case law. However, the assessee was denied the development rebate on new machinery leased out as the machinery was not wholly used for the assessee's business, emphasizing the requirement for unity of ownership and user in business operations. Case-Laws Income Tax Fri, 09 Sep 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19666