Income from letting out of Land independently forming part of Business Assets taxable as business income

Trimurti Films Pvt. Ltd. Vs ACIT (ITAT Mumbai) In the given case, the assessee was using the bungalow and land together for the film production as part of business assets. Since the film production is stopped, it has separated the bungalow and vacant land. It uses the bungalow for storage for its own purpose and leases the vacant land not on the regular basis but based on the requirement of the other production houses. It leases only the vacant land which it was earlier utilized for its own business. Just because, it let out only the vacant land the type of assets will not change. it will rema...