https://www.taxtmi.com/caselaws?id=29369 The High Court ruled in favor of the assessee, holding that the income derived from leasing out a factory should be assessed under the head 'Business' rather than 'Income from other sources'. The Court found that based on the specific circumstances and agreements in place, the assessee had not abandoned the intention of using the factory as a commercial asset. The Tribunal's decision to assess the income as business income was deemed justified, following a broad and liberal test established by the Supreme Court, leading to the High Court affirming that the income from the lease was assessable under the head 'Business'. en-us Tue, 27 Jul 1982 00:00:00 +0530 Fri, 12 Mar 2010 14:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29369 The High Court ruled in favor of the assessee, holding that the income derived from leasing out a factory should be assessed under the head 'Business' rather than 'Income from other sources'. The Court found that based on the specific circumstances and agreements in place, the assessee had not abandoned the intention of using the factory as a commercial asset. The Tribunal's decision to assess the income as business income was deemed justified, following a broad and liberal test established by the Supreme Court, leading to the High Court affirming that the income from the lease was assessable under the head 'Business'. Case-Laws Income Tax Tue, 27 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29369