Income from Renting of Godown cannot be treated as Business income merely on the basis of Partnership Deed

CA Sandeep Kanoi The respondent-assessee is a partnership Firm engaged in export of Tobacco. The respondent- assessee filed return of income on 27-08-1992 admitting the net income of Rs.4,78,520/-. During the previous year relating to the assessment year 1992-93, the assessee had let out his godowns. He offered the rental income for taxation under the head income from business. It is the case of the assessee, as argued by his learned counsel, that the godowns, which he had let out, were being used by him for the business of export of tobacco, and whenever they were not in use, he had given the...