Supreme Court Upholds Assessment under Section 12 of Income-tax Act, 1922 for Lease Royalty Income, Disallowing Additional Depreciation and Development Rebate. The Court held that where a company leases its factory with minimum royalty and no direct interest in production, the income is from other sources not business, and the specific deductions under section 10(2)(vi-a) and (vi-b) are not available under section 12....
The assessee, New Savan Sugar & Gur Refining Co. Ltd., carried on the business of crushing sugar cane and gur refining. Due to apprehensions of loss from government interference, rising wages, and cro...
