TaxTMI 
TaxTMI 
1985 (2) TMI 84
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....by the ITO nor by the AAC. 2. The ld. counsel for the assessee submitted that the losses pertained to 1973-74 and they were carried forward right upto 1978-79 in spite of the fact that the factory was leased out even during those periods. The contention of the Revenue during this year has been that since the factory in question was leased out for a period of eleven years, it was not the same bus....
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....ation assessee's source of income was from the same asset. As per Supreme Court in Lakshmi Silk Mills, it has been held therein on the basis of fact that assessee was a manufacturer of silk cloth and because yarn was not available and the plant could not be used, the same was let out to a person. The dispute was whether income from rent was profit of business or income from other sources. What the....
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....of a commercial asset. 2. Exploitation of commercial asset does not necessarily mean exploitation by the assessee himself at all material times. The assessee may temporarily cause it to be exploited by another person against payment of consideration and for this purpose may execute a lease for a fixed period even with option to renew. 3. But, in order that the income derived from the lease sho....