https://www.taxtmi.com/caselaws?id=37922 The court determined that the income from lease rent was assessable as business income under section 28 of the Income Tax Act, 1961, rather than as income from other sources under section 56. It found that the assessee intended to exploit the commercial asset by leasing out its factory and maintaining it for future commercial use. Additionally, the court ruled that the expenditure on the lease agreement was of a revenue nature incidental to the assessee's business activities under section 37. Consequently, both issues were decided in favor of the assessee, with each party bearing their own costs. en-us Thu, 09 Mar 1978 00:00:00 +0530 Fri, 02 Apr 2010 12:06:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37922 The court determined that the income from lease rent was assessable as business income under section 28 of the Income Tax Act, 1961, rather than as income from other sources under section 56. It found that the assessee intended to exploit the commercial asset by leasing out its factory and maintaining it for future commercial use. Additionally, the court ruled that the expenditure on the lease agreement was of a revenue nature incidental to the assessee's business activities under section 37. Consequently, both issues were decided in favor of the assessee, with each party bearing their own costs. Case-Laws Income Tax Thu, 09 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37922