2001 (7) TMI 50

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....erred for the opinion of this court by the Income-tax Appellate Tribunal, Delhi Bench (in short, "the Tribunal"), under section 256(1) of the Income-tax Act, 1961 (in short, "the Act"): "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that rental income of Rs.97,316 received by the assessee by the letting out of its godowns to Purolators (Ind....

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....on 23 of the Act. It was noted that the assets ceased to be commercial assets and, therefore, income was to be treated as income from house property. The matter was carried in appeal before the Commissioner of Income-tax (Appeals). Taking note of the fact that the business activities had ceased during the accounting year relevant to the assessment year 1971-72, the Commissioner of Income-tax (Appe....

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....w of the Tribunal is correct. We find that there is no material on record, as observed by the Tribunal, about the intention to revive or resume business activities and the godowns were constructed for business of manufacturing the pottery. Manufacture of pottery activities were totally stopped during the previous year ending June 30, 1970, relevant to 1971-72 and there was no revival till the a....