https://www.taxtmi.com/caselaws?id=23941 Lease income from the assessee's jute mill was treated as business income under section 28 of the Income-tax Act, rather than income from other sources under section 56, because the point was governed by the earlier decision in the assessee's own case. The related payment of Rs. 15,000 to an ex-employee was also allowed as a deduction, since expenditure linked to income assessable under section 28 had to be tested on business principles and the liability was ascertained within the relevant accounting period. Both issues were answered in favour of the assessee. en-us Tue, 21 Feb 1989 00:00:00 +0530 Fri, 15 Jan 2010 13:26:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23941 Lease income from the assessee's jute mill was treated as business income under section 28 of the Income-tax Act, rather than income from other sources under section 56, because the point was governed by the earlier decision in the assessee's own case. The related payment of Rs. 15,000 to an ex-employee was also allowed as a deduction, since expenditure linked to income assessable under section 28 had to be tested on business principles and the liability was ascertained within the relevant accounting period. Both issues were answered in favour of the assessee. Case-Laws Income Tax Tue, 21 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23941