https://www.taxtmi.com/caselaws?id=60618 The Tribunal upheld the classification of income from the Leave and Licence Agreement as 'business income' due to the assessee's control and intention to exploit the mill commercially. Gains from the sale of gold bonds were exempt from tax as they were not considered capital assets. However, expenses incurred for valuing the flour mill's assets were disallowed as they were related to the closure of business activities, not for carrying on the business. The appeal for the assessment year 1982-83 was partly allowed, while the appeal for the assessment year 1986-87 was dismissed. en-us Fri, 04 Feb 1994 00:00:00 +0530 Fri, 07 Jan 2011 12:10:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60618 The Tribunal upheld the classification of income from the Leave and Licence Agreement as 'business income' due to the assessee's control and intention to exploit the mill commercially. Gains from the sale of gold bonds were exempt from tax as they were not considered capital assets. However, expenses incurred for valuing the flour mill's assets were disallowed as they were related to the closure of business activities, not for carrying on the business. The appeal for the assessment year 1982-83 was partly allowed, while the appeal for the assessment year 1986-87 was dismissed. Case-Laws Income Tax Fri, 04 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60618