https://www.taxtmi.com/caselaws?id=29390 The High Court ruled in favor of the assessee, holding that income derived from leasing factory premises constitutes income from business assessable under section 10 of the Income-tax Act. The court rejected the Revenue's argument that no business activity was conducted during the relevant periods, emphasizing that earning profits from a commercial asset, whether by the owner or lessee, qualifies as business activity. The court referred to legal precedents supporting this interpretation and concluded that the orders canceling the registered firm status were unjustified. en-us Tue, 10 Nov 1981 00:00:00 +0530 Fri, 12 Mar 2010 15:27:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29390 The High Court ruled in favor of the assessee, holding that income derived from leasing factory premises constitutes income from business assessable under section 10 of the Income-tax Act. The court rejected the Revenue's argument that no business activity was conducted during the relevant periods, emphasizing that earning profits from a commercial asset, whether by the owner or lessee, qualifies as business activity. The court referred to legal precedents supporting this interpretation and concluded that the orders canceling the registered firm status were unjustified. Case-Laws Income Tax Tue, 10 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29390