https://www.taxtmi.com/caselaws?id=26072 The High Court upheld the Tribunal's decisions for the assessment years in question. The income from the first lease of the jute mill was classified as business income, allowing for the set-off of unabsorbed depreciation and losses. Additionally, for the subsequent years, despite the income being categorized as "Income from other sources," the court allowed the set-off of unabsorbed depreciation, ensuring consistency in asset valuation. The court's rulings aligned with the legislative intent of the Income-tax Act, 1961, and favored the assessee, with no costs ordered. en-us Wed, 05 Mar 1986 00:00:00 +0530 Tue, 02 Feb 2010 15:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26072 The High Court upheld the Tribunal's decisions for the assessment years in question. The income from the first lease of the jute mill was classified as business income, allowing for the set-off of unabsorbed depreciation and losses. Additionally, for the subsequent years, despite the income being categorized as "Income from other sources," the court allowed the set-off of unabsorbed depreciation, ensuring consistency in asset valuation. The court's rulings aligned with the legislative intent of the Income-tax Act, 1961, and favored the assessee, with no costs ordered. Case-Laws Income Tax Wed, 05 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26072