2010 (9) TMI 91

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..... osses and investment allowance - income from other sources – Held that: - the rent received is the business income, which may be used to set off the earlier losses - covered by the aforesaid judgment in CIT Vs. Vikram Cotton Mills [1987 -TMI - 5247 - SUPREME Court] and are thus decided in favour of the assessee and against the department. - 516 of 2005 - - - Dated:- 3-9-2010 - Sunil Ambwani,K .....

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..... bunal is justified in law in holding the licence fees as business income as held by the A.O. as income from other sources ignoring the fact in not looking into the intention of the assessee in leasing the business premises alongwith plant machinery? (3) Whether on the facts and in the circumstances of the case, the Tribunal is justified in allowing depreciation on sugar unit and directing to .....

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..... ourt held that the rent received is the business income, which may be used to set off the earlier losses. The question Nos.1, 2 and 4 are interconnected and are covered by the aforesaid judgment in CIT Vs. Vikram Cotton Mills and are thus decided in favour of the assessee and against the department. In view of our answer to question Nos.1, 2 and 4 as above, the substantial question of law frame .....

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