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2011 (4) TMI 558 - HC - Income TaxBusiness income or Income from other source - Lease rental income - The assessee had entered into a lease agreement on 8.9.1993 for a period of 11 months - Admittedly, after a period of 11 months, the lease agreement was not renewed or the period was extended - There is no material and not even a recital to the effect that the company is likely to restart its business - Moreover, it is also not the case of the assessee that its company had run to loss and, therefore, it has no other alternative than to lease out the company - In such circumstances, we are not in a position to accept the contention of the assessee that the income arrived at by letting out its factory is to be treated as business income, when there was nothing on record to show that the assessee had only let out the same temporarily and intended to resume its business - Appeals filed by the Revenue are allowed.
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