1980 (9) TMI 37 - HC - Income Tax

Summary

The High Court of Madhya Pradesh declined to answer a question referred by the Income-tax Appellate Tribunal regarding the classification of lease rent income as business income or income from other sources. The Tribunal found that the income should be considered as business income based on the intention of the assessee to continue commercial exploitation. The High Court held that this finding was based on facts and no question of law arose.