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1959 (4) TMI 2 - SC - Income Tax
Whether in this case the rental income from immovable property is part of the business income taxable under section 2(5) read with rule 4(4) of Schedule I attached to the Excess Profits Tax Act, 1940?
Held that:- In view of the considerations it must be held that the realisation of rental income by the assessee bank, was in the course of its business in prosecution of one of the objects in its memorandum ; it was, therefore, liable to be included in its business profits, and thus was assessable to excess profits tax. The appeal must, therefore, be allowed.