https://www.taxtmi.com/caselaws?id=408256 The Court allowed the appeal in favor of the appellant, ruling on various substantial questions of law raised in the case. The Court emphasized the intention behind the lease transactions and the nature of commercial activities to classify income as business income. It held that income derived from letting out buildings in an industrial park should be considered as "Profits and gains of business or profession," aligning with the legislative intent. The Court's decision favored the appellant on all issues raised, leading to the quashing of the assessment order for the relevant year. en-us Wed, 26 May 2021 00:00:00 +0530 Fri, 04 Jun 2021 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408256 The Court allowed the appeal in favor of the appellant, ruling on various substantial questions of law raised in the case. The Court emphasized the intention behind the lease transactions and the nature of commercial activities to classify income as business income. It held that income derived from letting out buildings in an industrial park should be considered as "Profits and gains of business or profession," aligning with the legislative intent. The Court's decision favored the appellant on all issues raised, leading to the quashing of the assessment order for the relevant year. Case-Laws Income Tax Wed, 26 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408256