https://www.taxtmi.com/caselaws?id=28177 The High Court of Madras determined that rental income from film studios leased by the assessee should be assessed as business income for income tax computation. The Court upheld the Income-tax Appellate Tribunal's decision, emphasizing the practical considerations and specific circumstances of the case. Recognizing the film studios' specialized nature and the assessee's film industry involvement, the Court concluded that the rental income was part of the assessee's film business. The Tribunal's decision to allow depreciation on the studios was deemed reasonable, and the Court directed the Department to bear the assessee's costs. en-us Tue, 05 Oct 1982 00:00:00 +0530 Fri, 19 Feb 2010 14:09:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28177 The High Court of Madras determined that rental income from film studios leased by the assessee should be assessed as business income for income tax computation. The Court upheld the Income-tax Appellate Tribunal's decision, emphasizing the practical considerations and specific circumstances of the case. Recognizing the film studios' specialized nature and the assessee's film industry involvement, the Court concluded that the rental income was part of the assessee's film business. The Tribunal's decision to allow depreciation on the studios was deemed reasonable, and the Court directed the Department to bear the assessee's costs. Case-Laws Income Tax Tue, 05 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28177