https://www.taxtmi.com/caselaws?id=21406 The court ruled partly in favor of the Revenue and partly in favor of the assessee. The Income-tax Officer's order under section 144B was deemed legal and not limited by time constraints. Income from studios was classified as 'Business Income,' both from operations and letting. Lease rent income was not categorized under 'Other Sources.' Expenditure on abandoned films was considered revenue expenditure. Section 34(2)(ii) was found inapplicable to assets converted into partnership assets. Each issue was analyzed thoroughly, resulting in a mixed outcome for both parties without any cost orders. en-us Mon, 10 Jun 1991 00:00:00 +0530 Tue, 24 Nov 2009 11:39:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21406 The court ruled partly in favor of the Revenue and partly in favor of the assessee. The Income-tax Officer's order under section 144B was deemed legal and not limited by time constraints. Income from studios was classified as 'Business Income,' both from operations and letting. Lease rent income was not categorized under 'Other Sources.' Expenditure on abandoned films was considered revenue expenditure. Section 34(2)(ii) was found inapplicable to assets converted into partnership assets. Each issue was analyzed thoroughly, resulting in a mixed outcome for both parties without any cost orders. Case-Laws Income Tax Mon, 10 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21406