https://www.taxtmi.com/caselaws?id=61283 Leasing income from a factory previously run as an industrial business was treated as business income because the asset was commercially exploited with an apparent intention to revive the business, not permanently divest it. On that basis, the related expenses were allowed as business deductions. The penalty under section 221(1) also fell away because it rested on the earlier adverse characterisation of the income. The revision under section 263 was set aside since it was built on the same failed premise that the lease receipts were assessable under other sources. en-us Thu, 16 Jun 1983 00:00:00 +0530 Wed, 12 Jan 2011 10:49:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61283 Leasing income from a factory previously run as an industrial business was treated as business income because the asset was commercially exploited with an apparent intention to revive the business, not permanently divest it. On that basis, the related expenses were allowed as business deductions. The penalty under section 221(1) also fell away because it rested on the earlier adverse characterisation of the income. The revision under section 263 was set aside since it was built on the same failed premise that the lease receipts were assessable under other sources. Case-Laws Income Tax Thu, 16 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61283