1990 (8) TMI 80

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..... to as the "the Act"). The assessee is an unregistered firm. It carries on business in kendu leaves. There was nationalisation of the kendu leaf trade. The assessee which had buildings for being used in its business, rented them out and got rent. The Income-tax Officer and the Appellate Assistant Commissioner held that this rent is the income out of the house property, since the assessee has clos .....

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..... finding. When the business restarts, there is a presumption that it continues. There is no prohibition that kendu leaf in any form cannot be carried on as a trade. Merely because there is nationalisation of kendu leaves, it cannot lead to an irresistible inference that the business has been closed. In view of this, we agree with the Tribunal that a question of law does not arise out of the same. .....

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