TaxTMI 
TaxTMI 
1986 (10) TMI 36
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....he disposal of Misc. Civil Cases Nos. 134 and 191 both of 1982, as common questions of law arise in all these references: As directed by this court under section 256(2) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal, Nagpur Bench, Nagpur, has referred the following questions of law to this court for its opinion : " (1) Whether, on the facts and in the circumstances of the case, t....
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....eriod of seven years by the assessee-firm. The Income-tax Officer held that the income received by the assessee from the lease of the rice mill and the cinema theatre was not business income but was assessable as " income from other sources ". The Income-tax Officer further held that in this view of the matter, the question of granting continuation of registration to the assessee-firm did not aris....
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....he Tribunal was directed to state the case and refer the aforesaid questions of law to this court for its opinion. The main question for consideration is in what cases income from letting out a business asset can be held to be assessable as business income. A number of decisions were cited before us but it is not necessary to refer to all these decisions because, in our opinion, each case must be....
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....ng the period of the lease, the asset leased out must remain and be treated as a commercial asset and exploited as such. (4) This intention of the lessor referred to above has to be ascertained from the cumulative effect of all the terms of the lease and other material circumstances. " Now, in the instant case, the Tribunal has found, after appreciating the material on record, that the assets in....