https://www.taxtmi.com/caselaws?id=60281 The Tribunal determined that income from the leasehold property at 57, Park Street, Calcutta should be categorized as 'Income from other sources' under section 56 of the Income-tax Act, 1961, rather than 'Profits and gains of business or profession'. The Tribunal found that the assessee's activities did not amount to a continuous or organized business activity, and the company was not authorized to commercially exploit the property as per its memorandum of association. Consequently, the departmental appeals were upheld, overturning the Commissioner (Appeals) decision. en-us Sat, 29 Dec 1984 00:00:00 +0530 Tue, 04 Jan 2011 15:15:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60281 The Tribunal determined that income from the leasehold property at 57, Park Street, Calcutta should be categorized as 'Income from other sources' under section 56 of the Income-tax Act, 1961, rather than 'Profits and gains of business or profession'. The Tribunal found that the assessee's activities did not amount to a continuous or organized business activity, and the company was not authorized to commercially exploit the property as per its memorandum of association. Consequently, the departmental appeals were upheld, overturning the Commissioner (Appeals) decision. Case-Laws Income Tax Sat, 29 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60281