TMI Blog2002 (9) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... ss of the assessee, therefore, any amount received on account of lease, that cannot be treated as income from business. Therefore, the Income-tax Officer has rightly taxed that income or receipt under the head "Income from other sources" - Tribunal was not justified in holding that the income of the assessee is assessable under section 28 - - - - - Dated:- 10-9-2002 - Judge(s) : Y. R. MEENA., S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es were purchased by various persons. One of the debenture holders was the assessee, i.e., Gambhir Mal Pandey, who subsequently formed a company and transferred the debentures to the company so formed. These debentures represented 1/5th of the entire debentures issued by the company. Somebody filed a suit in the year 1940 for the partition of the properties of the mill in question. The final dec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer negatived the claim of the assessee. According to him, lease money received from M/s. Sumer Cotton Mills falls under the head "Income from other sources" and not "Business income". In appeal before the Appellate Assistant Commissioner, the Appellate Assistant Commissioner reversed the view taken by the Income-tax Officer holding that the lease money be assessed as income from bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mill on lease, which is not the business of the assessee, therefore, any amount received on account of lease, that cannot be treated as income from business. In our view, the Income-tax Officer has rightly taxed that income or receipt under the head "Income from other sources". It is also pertinent to note that till today, the assessee has never taken back the mill for manufacturing activities. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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