https://www.taxtmi.com/caselaws?id=60769 Temporary exploitation of a flour mill as a commercial asset through a leave and licence arrangement was treated as business income, because the surrounding terms showed the owner intended to retain the asset for business use and resume operations later. Gains on sale of gold bonds were held not taxable, as the bonds were treated as outside the statutory definition of capital assets. Expenditure incurred for valuing the flour mill assets was disallowed, because it related to proposed sale negotiations and not to the conduct of the business. The licence-fee treatment and the gold-bond position were maintained, while only the valuation expense was rejected. en-us Fri, 04 Feb 1994 00:00:00 +0530 Sat, 08 Jan 2011 09:59:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60769 Temporary exploitation of a flour mill as a commercial asset through a leave and licence arrangement was treated as business income, because the surrounding terms showed the owner intended to retain the asset for business use and resume operations later. Gains on sale of gold bonds were held not taxable, as the bonds were treated as outside the statutory definition of capital assets. Expenditure incurred for valuing the flour mill assets was disallowed, because it related to proposed sale negotiations and not to the conduct of the business. The licence-fee treatment and the gold-bond position were maintained, while only the valuation expense was rejected. Case-Laws Income Tax Fri, 04 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60769