https://www.taxtmi.com/caselaws?id=38187 The income from leasing out the mill was deemed assessable under section 28 of the Income-tax Act, 1961, as business income. The assessee was permitted to carry forward and set off unabsorbed depreciation and losses from earlier years against the current year's income. The High Court affirmed these conclusions, emphasizing the commercial exploitation of the asset despite leasing and the continuity of the business activities. Each party was directed to bear its own costs in this matter. en-us Fri, 13 Dec 1974 00:00:00 +0530 Sat, 03 Apr 2010 16:14:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38187 The income from leasing out the mill was deemed assessable under section 28 of the Income-tax Act, 1961, as business income. The assessee was permitted to carry forward and set off unabsorbed depreciation and losses from earlier years against the current year's income. The High Court affirmed these conclusions, emphasizing the commercial exploitation of the asset despite leasing and the continuity of the business activities. Each party was directed to bear its own costs in this matter. Case-Laws Income Tax Fri, 13 Dec 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38187