my client has group companies engaged in stuffing/destuffing at CFS. out of which a proprietory concern was idle with no operations.it lent its equipments on hire to its group concern and the income accrued is treated as other sources and not business income.
25 November 2011
If the idle situation is permanent , income can be offered under 'income from other sources'. If not, under 'profits and gains of business or profession' though letting out is not the business.
CAclubindia
