https://www.taxtmi.com/caselaws?id=27984 The court upheld the Tribunal's decision to classify rental income from godowns and factories as 'Income from property' due to lack of evidence showing it was part of the assessee's business. However, the court ruled in favor of the assessee regarding the deduction of expenses for maintaining closed branches, stating that all branch expenses, whether operational or closed, should be considered in determining net profits. The court emphasized the need to pool expenses for assessing net profits, citing relevant case law. en-us Fri, 08 Jul 1983 00:00:00 +0530 Wed, 17 Feb 2010 12:10:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27984 The court upheld the Tribunal's decision to classify rental income from godowns and factories as 'Income from property' due to lack of evidence showing it was part of the assessee's business. However, the court ruled in favor of the assessee regarding the deduction of expenses for maintaining closed branches, stating that all branch expenses, whether operational or closed, should be considered in determining net profits. The court emphasized the need to pool expenses for assessing net profits, citing relevant case law. Case-Laws Income Tax Fri, 08 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27984