https://www.taxtmi.com/caselaws?id=21899 The High Court upheld the Tribunal's decision that income derived from leasing a cold storage and ice plant should be assessed as profits and gains of business rather than under 'Other sources'. The Court emphasized the importance of the assessee's intention regarding the use of the asset, noting the temporary nature of the lease arrangement and the history of using the plant for business purposes. As there were no identified flaws in the Tribunal's decision, the Court ruled in favor of the assessee, settling the matter without costs in favor of the assessee and against the Revenue. en-us Tue, 02 Apr 1991 00:00:00 +0530 Fri, 04 Dec 2009 10:35:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21899 The High Court upheld the Tribunal's decision that income derived from leasing a cold storage and ice plant should be assessed as profits and gains of business rather than under 'Other sources'. The Court emphasized the importance of the assessee's intention regarding the use of the asset, noting the temporary nature of the lease arrangement and the history of using the plant for business purposes. As there were no identified flaws in the Tribunal's decision, the Court ruled in favor of the assessee, settling the matter without costs in favor of the assessee and against the Revenue. Case-Laws Income Tax Tue, 02 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21899