https://www.taxtmi.com/caselaws?id=414855 Lease rent from a passively renewed industrial asset lease, after expiry of a BIFR rehabilitation period and without the assessee itself carrying on manufacturing activity, was treated as income from other sources rather than business income. A sales tax penalty payment was not deductible because no compensatory element was shown. The quality-loss claim was linked to manufacturing activity undertaken by the lessee, so the assessee was not treated as liable for that loss. A rectification order under section 154 was upheld because the omission to add back disallowed stores and spares expenditure was an apparent mistake on the record. en-us Thu, 22 Jul 2021 00:00:00 +0530 Fri, 24 Dec 2021 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414855 Lease rent from a passively renewed industrial asset lease, after expiry of a BIFR rehabilitation period and without the assessee itself carrying on manufacturing activity, was treated as income from other sources rather than business income. A sales tax penalty payment was not deductible because no compensatory element was shown. The quality-loss claim was linked to manufacturing activity undertaken by the lessee, so the assessee was not treated as liable for that loss. A rectification order under section 154 was upheld because the omission to add back disallowed stores and spares expenditure was an apparent mistake on the record. Case-Laws Income Tax Thu, 22 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414855