https://www.taxtmi.com/caselaws?id=25369 The High Court held that the surplus amounts realized by the assessee-company from sub-leasing transactions were not taxable as business income. The Court agreed with the Tribunal that the transactions did not constitute an adventure in the nature of trade, emphasizing the specific circumstances of the case and distinguishing it from previous precedents cited by the Revenue. The Court ruled against the Revenue, stating that the surplus did not fall under the head 'Income from business' as contended by the Income-tax Officer. en-us Mon, 23 Mar 1987 00:00:00 +0530 Thu, 28 Jan 2010 11:58:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25369 The High Court held that the surplus amounts realized by the assessee-company from sub-leasing transactions were not taxable as business income. The Court agreed with the Tribunal that the transactions did not constitute an adventure in the nature of trade, emphasizing the specific circumstances of the case and distinguishing it from previous precedents cited by the Revenue. The Court ruled against the Revenue, stating that the surplus did not fall under the head 'Income from business' as contended by the Income-tax Officer. Case-Laws Income Tax Mon, 23 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25369