- (1.) This is an appeal against the order of the Tribunal allowing the Department's appeal against the order of the Commissioner of Income Tax (Appeals). The matter pertains to the Assessment Year 2004-05.
(2.) The appeal was admitted on the following substantial question of law:- Whether in the facts and circumstances of the case, the income arising out of the leasing out of the business assets is business income or income from other sources The other questions that are sought to be raised by the appellant relate to this question.
(3.) The appellant/assessee filed a return declaring a loss of about Rs.48.46 crores. The return was processed under Section 143(3). The question is whether the amount of Rs.30 lakhs per annum received by the assessee from M/s United Breweries Limited (hereinafter to be referred to as "UB Ltd.") as lease rent is assessable under the head "Profits and gains from business" or under the head "Income from other sources".;