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2012 (4) TMI 670 - AT - Income TaxIncome from lease rent is assessable under the head Income from business - Held that:- The undisputed facts are that the assessee has leased out its plant and machinery in the year 1995. Hence, while considering the claim of the assessee for the years ending 31.3.1996 and 31.3.97, the Tribunal held that there is nothing on record to show that the assessee had no present intention to revive its business at appropriate time, as the gap between the year of closure and the years under consideration at that point of time was very narrow. We are concerned with the assessment year 2007-08 and we have to consider the facts and circumstances prevailing as on 31-03-2007. About 12 years have passed and hence we are in agreement with Ld D.R that the assessee has not brought on record any material to show that it has intention to revive its business activities. AR submitted that steps are being taken to revive the business, yet we are unable to accept his contention for want of supporting materials. Accordingly, in our view, the Ld. CIT(A) was not correct in placing reliance on the decision of the Tribunal without appreciating the facts prevailing in the year under consideration.
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