https://www.taxtmi.com/caselaws?id=29448 The High Court of Madhya Pradesh ruled in favor of the assessee-firm, allowing the continuation of registration for the assessment year 1973-74. The court determined that the firm's activities, involving exploiting a forest block under a perpetual lease and selling forest produce, qualified as a business under the Income Tax Act. Emphasizing the intent behind the transactions and citing relevant precedents, the court held that the partnership was actively engaged in a business activity assessable under section 28 of the Act. The court distinguished the case from instances of leasing assets post-trading cessation, ultimately deciding in favor of the assessee. en-us Wed, 13 Jan 1982 00:00:00 +0530 Sat, 13 Mar 2010 10:07:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29448 The High Court of Madhya Pradesh ruled in favor of the assessee-firm, allowing the continuation of registration for the assessment year 1973-74. The court determined that the firm's activities, involving exploiting a forest block under a perpetual lease and selling forest produce, qualified as a business under the Income Tax Act. Emphasizing the intent behind the transactions and citing relevant precedents, the court held that the partnership was actively engaged in a business activity assessable under section 28 of the Act. The court distinguished the case from instances of leasing assets post-trading cessation, ultimately deciding in favor of the assessee. Case-Laws Income Tax Wed, 13 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29448