1995 (8) TMI 11 - HC - Income Tax

Summary

The High Court of Allahabad ruled in favor of the assessee regarding the assessment of income from leasing out a cold storage and ice plant as 'profits and gains' of business. The Tribunal's decision was deemed legally correct based on the interpretation of the lease agreement and memorandum of association of the assessee-company. The judgment referenced a similar case (CIT v. Allahabad Milling Co. Pvt. Ltd.) to support its decision.