https://www.taxtmi.com/caselaws?id=25449 The High Court upheld the Tribunal's decision in favor of the assessee, ruling that the assessee is entitled to development rebate under section 33(1)(a) of the Income-tax Act. The Court determined that the lease income should be considered as business income, as the leasing out of machinery was deemed a business activity by all Tribunal members. Both issues were resolved in favor of the assessee, with no costs awarded. en-us Thu, 19 Mar 1987 00:00:00 +0530 Thu, 28 Jan 2010 16:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25449 The High Court upheld the Tribunal's decision in favor of the assessee, ruling that the assessee is entitled to development rebate under section 33(1)(a) of the Income-tax Act. The Court determined that the lease income should be considered as business income, as the leasing out of machinery was deemed a business activity by all Tribunal members. Both issues were resolved in favor of the assessee, with no costs awarded. Case-Laws Income Tax Thu, 19 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25449