Rent to be charged as ‘Income from other sources’ if not chargeable to income tax as profit and gains of business or profession

Major source of income credited by the assessee company in the profit and loss account is “Other Income” of Rs. 3,00,000/- and Rent of Rs. 1,49,000/-. The assessee had not carried out any business activity in the current year nor the assessee has produced any evidences in support of its argument that it has actively pursuing its business activity. The profit and loss account reveals that the assessee credited Rs. 4,49,000/- as above and claimed expenditure of Rs. 5,24,298/- being administrative exp and depreciation. During the year the assessee has not carried out any business activity. Fr...