https://www.taxtmi.com/caselaws?id=38437 Income from temporarily letting commercial machinery remains business income where the assets were acquired for the assessee's manufacturing business, remained usable in that business, and were hired out only because they could not then be installed at the premises. The lease terms preserved the assessee's priority right to use the machines and allowed termination on notice, indicating no intention to abandon or permanently part with the assets. A commercial asset does not lose its business character merely because it is temporarily exploited by hire, if the exploitation is incidental to profitable use of the business asset. The hire charges were therefore assessable as business income. en-us Tue, 09 Aug 1977 00:00:00 +0530 Fri, 21 Jul 2017 15:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38437 Income from temporarily letting commercial machinery remains business income where the assets were acquired for the assessee's manufacturing business, remained usable in that business, and were hired out only because they could not then be installed at the premises. The lease terms preserved the assessee's priority right to use the machines and allowed termination on notice, indicating no intention to abandon or permanently part with the assets. A commercial asset does not lose its business character merely because it is temporarily exploited by hire, if the exploitation is incidental to profitable use of the business asset. The hire charges were therefore assessable as business income. Case-Laws Income Tax Tue, 09 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38437