https://www.taxtmi.com/caselaws?id=49595 Rental income received by a banking company from letting part of its building was treated as business profit chargeable to excess profits tax under the Excess Profits Tax Act, 1940. The majority held that the Act used "business" in a broader sense than the Income-tax Act, and that the bank's memorandum and actual use of the property showed exploitation of property as part of its business operations. Rule 4(4) of Schedule I was read as a computation provision that could bring receipts from letting property into taxable profits where the letting formed part of the business activity. The dissent would have confined business to the bank's core banking function and excluded mere surplus property letting. en-us Mon, 20 Apr 1959 00:00:00 +0530 Wed, 09 Mar 2016 11:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49595 Rental income received by a banking company from letting part of its building was treated as business profit chargeable to excess profits tax under the Excess Profits Tax Act, 1940. The majority held that the Act used "business" in a broader sense than the Income-tax Act, and that the bank's memorandum and actual use of the property showed exploitation of property as part of its business operations. Rule 4(4) of Schedule I was read as a computation provision that could bring receipts from letting property into taxable profits where the letting formed part of the business activity. The dissent would have confined business to the bank's core banking function and excluded mere surplus property letting. Case-Laws Income Tax Mon, 20 Apr 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49595