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2003 (12) TMI 37 - HC - Income TaxIncome from lease – assessability - temporary arrangement with the lessee - the intention, that the directors of the assessee to remain associated with the management of the factory, even after the lease - Under the agreement upon the expiry of the lease, the lessor is to take over the staff and workmen then in employment in the said factory and also to take over all useable stocks of stores, spare parts and the raw materials. The lessor has kept the option to determine the lease by giving the lessee three months prior notice in writing. The aforesaid facts all taken together go to indicate that the assessee had no intention of parting with the factory finally and it was a temporary arrangement with the lessee without keeping any option for the lessee to renew the lease - income from lease was assessable as business income
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