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2011 (11) TMI 391 - ITAT BANGALOREIncome from Lease Rentals is taxable under "Income from business" OR "Income from House Property" - Assessee engaged in developing, maintaining, operating technology park - CIT(A) held as "business Income" in view of Golf Link Software Park (P) Ltd. - Held That:- In view of Global Tech Park (P.) Ltd. VS Asst. CIT (2008 - TMI - 72026 - ITAT BANGALORE-A), lease rental income arising from a complex commercial activity will be classified as 'income from business'. Period of Limitation - Appeal to be filed within 60 days - Held That:- Order of CIT(A) was received on 17.8.10 and calculating 60 days from therein, order was not time barred. Interest Income from Surplus Funds as "Income From Other Source" OR "Business Income" - Held That:- Assessee in its written submission conceded that the interest income earned by it was from surplus funds not immediately required for the purpose of business. It makes abundantly clear that the sole intention of the assessee was to earn interest from its surplus funds and thus such surplus funds cannot be classified as incidental to the business of the assessee.
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