2012 (4) TMI 670

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.... appeal filed by the Revenue is directed against the order dated 06-09-2010 passed by the Ld. CIT(A)-II, Kochi and it relates to the assessment year 2007-08. 2. The only issue urged for our consideration is whether the Ld. CIT(A) is justified in holding that the assessee is having intention to revive the business activities and consequently, the income from lease rent is assessable under the he....

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....l allowed the claim of the assessee in the earlier years on the ground that the assessee had intention to continue the business of manufacturing the tyres, where as the assessee had not commenced the business till date since 1995. Hence the Assessing Officer was right in treating the income from lease rent under the head "Income from other sources".  On the contrary, the Ld. AR submitted that....

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.... subsequent years.  The undisputed facts are that the assessee has leased out its plant and machinery in the year 1995. Hence, while considering the claim of the assessee for the years ending 31.3.1996 and 31.3.97, the Tribunal held that there is nothing on record to show that the assessee had no present intention to revive its business at appropriate time, as the gap between the year of clos....