https://www.taxtmi.com/caselaws?id=23165 The court determined that the income derived by the assessee-company, primarily rental income from properties, should be assessed under "Income from property" rather than "Business income." The court emphasized that income under different heads in the Income-tax Act should be mutually exclusive, considering the company's main objective of acquiring and possessing properties for ownership purposes, not for conducting real estate business. Relying on the company's activities and objectives, the court ruled in favor of the Revenue, awarding them costs for the references. This judgment clarifies the proper taxation of income based on the nature of activities and objectives of the assessee-company. en-us Tue, 23 Jan 1990 00:00:00 +0530 Thu, 17 Dec 2009 11:49:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23165 The court determined that the income derived by the assessee-company, primarily rental income from properties, should be assessed under "Income from property" rather than "Business income." The court emphasized that income under different heads in the Income-tax Act should be mutually exclusive, considering the company's main objective of acquiring and possessing properties for ownership purposes, not for conducting real estate business. Relying on the company's activities and objectives, the court ruled in favor of the Revenue, awarding them costs for the references. This judgment clarifies the proper taxation of income based on the nature of activities and objectives of the assessee-company. Case-Laws Income Tax Tue, 23 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23165