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2009 (6) TMI 49 - HC - Income TaxBusiness Income or Income From Other Soruces – Leasing of the hospital - As the assessee company suffered loss in running the business, the hospital building along with various equipments and machineries was leased out to Apollo Hospitals Enterprises Ltd., on a monthly lease of Rs.3,00,000/-per month and the same was claimed as business income against which earlier business losses were set off – AO treated the income from lease of the hospital as 'income from other sources' and therefore disallowed setting off the earlier years business losses and assessed the lease income from the hospital as 'income from other sources' – Held that income from leasing of the hospital can be assessed only as income from other sources – decided in favor of revenue – ITAT order upholding the order of AO maintained.
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