1998 (7) TMI 66

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.... the Tribunal for the opinion of this Court : "Whether the Tribunal was correct in law in holding that the rental income of the assessee was liable to be assessed as business income?" 2. The assessee is a firm deriving income from contract work. The assessee is also owner of oil mill premises and though the oil mill is closed for the last 35 years, the quarters attached to the factory of the....

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....his Court dealt with the issue in detail referring to other decisions of other High Courts as also of the Supreme Court. 4. In CIT vs. Ramdas and Sons , the conclusion reached by this Court is that the Tribunal was not correct in holding the income from the premises in question to be business income and assessing the same as such. Therefore, this Court answered the question referred to this Cou....

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.... Ltd. [1973] 88 ITR 298 (Mad); Bengal Jute Mills Co. Ltd. vs. CIT [1949] 17 ITR 308 (Cal); CEPT vs. Shri Lakshmi Silk Mills Ltd. [1951] 20 ITR 451 (SC) and East India Housing and Land Development Trust Ltd. vs. CIT [1961] 42 ITR 49 (SC). Out of these decisions, two Supreme Court decisions precisely deal with the points in issue. Thus the matter in issue is fully covered. 7. Since the matter ....