1976 (7) TMI 15 - HC - Income Tax

Summary

The High Court of Bombay ruled that the income from lease-rent earned by the applicant from letting out the Strand Cinema was assessable under section 12, not section 10 of the Indian Income-tax Act, 1922. The court also found that the expenditure of Rs. 75,000 incurred in prosecuting winding-up petitions was not necessary, leading to a ruling against the assessee. The court did not answer question No. 1 due to its ruling on question No. 2. No costs were awarded.