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2018 (4) TMI 1810 - ITAT CHENNAIDeduction u/s 80IA - treatment to interest income and other income under the head ‘Other Sources’ OR 'income from business' - HELD THAT:- In assessee’s own case for the assessment year 2008-09 [2013 (9) TMI 1256 - ITAT CHENNAI] by following the decision of the Hon’ble Madras High Court in the case of CIT v. Elnet Technologies[2012 (11) TMI 671 - MADRAS HIGH COURT] and directed the Assessing Officer to treat the interest income and other income under the head “income from other sources”, which cannot be allowed as deduction under section 80IA. As assessee has not brought on record any higher Court decision having modified or reversed the above findings of the Tribunal. Under the above facts and circumstances, we are of the considered opinion that the ld. CIT(A) has rightly followed the decision of the Tribunal in assessee’s own case for earlier assessment years on this issue and sustained both the disallowances and thus, no interference is warranted. - Decided against assessee. Deduction under section 80IA - lease rent income received from letting out modules of STP to various lessees - AO held that the provisions of section 80IA(4)(iii) of the Act are applicable only for the profits derived out of development and sale of built up space and not applicable for rented property - HELD THAT:- As in assessee’s own case for the assessment year 2008-09[2013 (9) TMI 1256 - ITAT CHENNAI] by following the decision of the Hon’ble Madras High Court in the case of CIT v. Elnet Technologies[2012 (11) TMI 671 - MADRAS HIGH COURT] the Coordinate Benches of the Tribunal held that the lease rent income from modules/built up space of the Industrial Park is assessable under the head ‘income from business’ and such income is eligible for deduction under section 80IA - DR could not controvert the above findings of the Tribunal and brought on record any higher Court decision having modified or reversed the above findings of the Tribunal as well as the decision of the Hon’ble Madras High Court - Decided against revenue. Disallowance u/s 14A - CIT- A restricted addition to the extent of dividend income declared by the assessee - HELD THAT:- Assessing Officer is not justified in making excessive disallowance and the ld. CIT(A) rightly restricted the disallowance to the extent the dividend income declared by the assessee. The ld. DR could not controvert the above findings - Decided against revenue
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