https://www.taxtmi.com/caselaws?id=416447 Lease rental received under a BIFR-approved rehabilitation scheme was treated as business income because the plant, machinery and other business assets remained commercial assets deployed for revival of the sick industrial unit. The arrangement was not regarded as a mere passive letting out of property; instead, the assets were temporarily exploited under a statutory reorganisation plan intended to restore business operations. The character of the receipt was therefore determined from the standpoint of a prudent businessman and the facts of each assessment year. Applying the principles governing exploitation of commercial assets, the rental was taxable as business income and not as income from other sources. en-us Mon, 19 Jul 2021 00:00:00 +0530 Tue, 28 Dec 2021 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416447 Lease rental received under a BIFR-approved rehabilitation scheme was treated as business income because the plant, machinery and other business assets remained commercial assets deployed for revival of the sick industrial unit. The arrangement was not regarded as a mere passive letting out of property; instead, the assets were temporarily exploited under a statutory reorganisation plan intended to restore business operations. The character of the receipt was therefore determined from the standpoint of a prudent businessman and the facts of each assessment year. Applying the principles governing exploitation of commercial assets, the rental was taxable as business income and not as income from other sources. Case-Laws Income Tax Mon, 19 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416447