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2002 (2) TMI 22 - HC - Income TaxDuring the course of the reassessment proceedings, the Income-tax Officer had inquired that after the transfer of the plant and machinery, the lease amount received on account of transfer, whether can be treated as a business income ? - The Tribunal has remitted that matter back to the Assessing Officer to examine the lease agreement and also examine the balance-sheet and then find out whether on transfer the receipt on account of the lease amount can be taxed as income from business or income from other sources. - The Tribunal has only directed to consider the issue whether the lease amount received should be treated as income from business or income from other sources and allow the expenses in the light of the decision referred to in the order of the Tribunal. That does not cause any prejudice to the assessee. - In the result we find no infirmity in the order of the Tribunal, as the assessee will be at liberty to make all submissions whether the lease money should be treated as income from business or income from other sources.
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