https://www.taxtmi.com/caselaws?id=26104 Income from leasing a commercial asset remains business income where the asset retains its commercial character and the lease is a mode of exploiting that asset; temporary letting alone does not convert it into income from other sources. On the stated facts, the rice mill and cinema theatre continued to be commercial assets, so the lease receipts were taxable as business income. Because the assessee retained an interest in the business assets and equipment, the basis for denying registration did not survive, and continuance of registration was upheld. en-us Thu, 09 Oct 1986 00:00:00 +0530 Tue, 02 Feb 2010 17:28:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26104 Income from leasing a commercial asset remains business income where the asset retains its commercial character and the lease is a mode of exploiting that asset; temporary letting alone does not convert it into income from other sources. On the stated facts, the rice mill and cinema theatre continued to be commercial assets, so the lease receipts were taxable as business income. Because the assessee retained an interest in the business assets and equipment, the basis for denying registration did not survive, and continuance of registration was upheld. Case-Laws Income Tax Thu, 09 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26104