Godown Rent cannot be treated as business Income as it’s not a continuous activity from year to year

Brief of the case In the present case the Hon’ble High Court held that Business is a continuous activity which is done year to year. Here, in this case the Assessee let out his godown and shown income as “Income from Business” instead of “Income from property” to which the Hon’ble High court do not agree and held that the income from the letting out godown will be “Income from Property” as it was not the continuous activity from year to year. Facts of the Case The assessee is a partnership Firm engaged in export of Tobacco. During the A.Y. 1992-93, the assessee had let out his ...