https://www.taxtmi.com/caselaws?id=25037 The court held that income from leasing machinery, not used for manufacturing, should be assessed as income from other sources, not business income. The court emphasized that merely acquiring an asset for manufacturing does not make it a commercial asset unless used for that purpose. Citing precedents, the court concluded that the machinery, never used for manufacturing, cannot be deemed a business asset. Therefore, the income was assessed as from other sources, ruling in favor of the Revenue and against the assessee, with no costs awarded. en-us Sat, 06 Dec 1986 00:00:00 +0530 Mon, 25 Jan 2010 10:26:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25037 The court held that income from leasing machinery, not used for manufacturing, should be assessed as income from other sources, not business income. The court emphasized that merely acquiring an asset for manufacturing does not make it a commercial asset unless used for that purpose. Citing precedents, the court concluded that the machinery, never used for manufacturing, cannot be deemed a business asset. Therefore, the income was assessed as from other sources, ruling in favor of the Revenue and against the assessee, with no costs awarded. Case-Laws Income Tax Sat, 06 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25037