Rent from Simple Letting of Property is Business Profits

The Scientific Instrument Co. Ltd. Vs CIT (Allahabad High Court)- All the assets of the business were not rented out by the appellant company. It was doing the main business of manufactures, imports, purchases and dealing in scientific apparatus, chemicals, chemical products, articles of glass, metal, wood, paper etc., more or less connected with science, as given clause 3 (a) of the memorandum of association. Out of the three properties at Mumbai, the property in dispute was being used for its Regional Office. In the interest of the company, it decided to let out one of its properties, to th...