https://www.taxtmi.com/caselaws?id=36807 Manufacturing activity had in substance ceased where the plant was dismantled, premises were leased, and the business model shifted to rental exploitation of property; depreciation and carry forward or set-off of unabsorbed depreciation were therefore not available on the footing of continuing business. Rental receipts from the properties were assessable as income from property, not business income or income from other sources. Even so, expenditure referable to holding and preserving the assets remained deductible to the extent connected with that holding. en-us Fri, 09 Feb 1979 00:00:00 +0530 Wed, 24 Mar 2010 16:24:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36807 Manufacturing activity had in substance ceased where the plant was dismantled, premises were leased, and the business model shifted to rental exploitation of property; depreciation and carry forward or set-off of unabsorbed depreciation were therefore not available on the footing of continuing business. Rental receipts from the properties were assessable as income from property, not business income or income from other sources. Even so, expenditure referable to holding and preserving the assets remained deductible to the extent connected with that holding. Case-Laws Income Tax Fri, 09 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36807