TaxTMI 
TaxTMI 
2001 (9) TMI 33
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....J.-Income from the properties owned by the assessee has been treated as business income by the Tribunal. The correctness of that decision has been called into question by the Revenue in this reference. The assessment year is 1985-86. The business of the assessee is that of being maritime agent. No part of the premises, from which it received rent in the assessment year, was used for its busines....
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....ly exclusive and income derived from different sources falling under specific heads has to be computed for the purpose of taxation in the manner provided by the appropriate section. If the income from a source falls within a specific head set out in section 6, the fact that it may indirectly be covered by another head will not make the income taxable under the later head." In that case which ar....
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....plant established by the assessee for dyeing silk yam and that plant had been leased out by the assessee as it had difficulty in obtaining silk yam during the chargeable accounting period, viz., January 1, 1943 to December 31, 1943. The question which the court was required to consider therein was as to whether that income of the assessee was chargeable to excess profits tax as profits of business....
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....The question which requires consideration here was not a question which arose in that case. What was said there in the context of the excess profits tax cannot be applied to the case of income derived from house property by an assessee, which also carries on business. The decision in Shri Lakshmi Silk Mills Ltd.'s case [1951] 20 ITR 451 (SC) was not understood by the Supreme Court as being appl....