https://www.taxtmi.com/caselaws?id=26320 The Tribunal's decision to classify the income from leasing out the printing machinery and distillery plant as from "Other sources" was upheld by the Supreme Court. The Court emphasized that the intention behind letting out the asset determines the classification of income, and in this case, the assets were not treated as commercial assets but were exploited for earning rental income. The agreements were considered simple lease agreements without indications of commercial exploitation by the assessee. The Court affirmed the decision against the assessee, concluding that they were not engaged in the business of letting out machinery or plant for profit. en-us Fri, 31 Aug 1984 00:00:00 +0530 Thu, 04 Feb 2010 12:16:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26320 The Tribunal's decision to classify the income from leasing out the printing machinery and distillery plant as from "Other sources" was upheld by the Supreme Court. The Court emphasized that the intention behind letting out the asset determines the classification of income, and in this case, the assets were not treated as commercial assets but were exploited for earning rental income. The agreements were considered simple lease agreements without indications of commercial exploitation by the assessee. The Court affirmed the decision against the assessee, concluding that they were not engaged in the business of letting out machinery or plant for profit. Case-Laws Income Tax Fri, 31 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26320