Income from leasing of factory premises after discontinuing business is taxable as Income from other sources

T.R. Mills (P.) Ltd. Vs ITO (ITAT Bangalore) There is no dispute that the assessee discontinued its business of textile mill and let out the factory premises to the following persons :– (i) Professional Marketing Group. (ii) Frontline Marketing. (iii) Indras Agency. It is also not disputed that leasing of plant and machinery, godown, and building is one of the business objects of the assessee company as per the Article of Association and Memorandum of Association. It is not the case of the assessee that it has temporarily closed the business activity due to some lull, but the business of...