2000 (7) TMI 48

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....n referred to this court for opinion under section 256(1) of the Income-tax Act, 1961 (for short the "Act"), by the Income-tax Appellate Tribunal, Delhi Bench-B (in short the "Tribunal") : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that the lease money obtained by the assessee from the letting out of the machinery on hire of the rotary....

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....unsel for the Revenue submitted that the question whether a particular income would be treated as business income or from other sources would depend on several factors, On the admitted facts the assessee was not carrying on any business and had only let out the rotary press, which he had imported, on rental basis. That being the position, the Tribunal ought not to have held the income to be income....