https://www.taxtmi.com/caselaws?id=20338 The court ruled in favor of the Revenue, holding that the Income-tax Appellate Tribunal's classification of rental income as "Income from business" was not justified. The judgment emphasized the necessity of a genuine commercial asset for income to be considered business income, highlighting the requirement for active business operations and asset utilization. The court concluded that since no commercial asset had materialized from the incomplete project, the income from letting out the land should not be categorized as income from business. en-us Thu, 17 Dec 1992 00:00:00 +0530 Fri, 13 Nov 2009 13:28:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20338 The court ruled in favor of the Revenue, holding that the Income-tax Appellate Tribunal's classification of rental income as "Income from business" was not justified. The judgment emphasized the necessity of a genuine commercial asset for income to be considered business income, highlighting the requirement for active business operations and asset utilization. The court concluded that since no commercial asset had materialized from the incomplete project, the income from letting out the land should not be categorized as income from business. Case-Laws Income Tax Thu, 17 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20338