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2014 (9) TMI 1237 - ITATLease rental income - treated as business income OR Income from house property - HELD THAT:- In the case of Shambhu Investments Ltd. [2003 (1) TMI 99 - SC ORDER] what was let out to the tenant is ‘table space’ and in such circumstance the Hon’ble Apex Court has held that it was a case of letting out the property. In the case of Chennai Properties & Investments Ltd. [2003 (3) TMI 28 - MADRAS HIGH COURT] the assessee was owning two buildings and was receiving rental income from them. As rightly held by the CIT(Appeals), the cases relied on by the Revenue are not applicable to the facts of the present case. In the present case, the assessee is running an industrial park as a business proposition with a lot of functional facilities necessary for the smooth working of the software, who are the tenants. As pointed out by the assessee, the IT parks are recognized for the purpose of deduction under sec.80IA and the statute itself has considered these types of ventures as a ‘business activity’. We agree that the Commissioner of Income-tax(Appeals) has arrived at a proper finding on this issue. The appeal filed by the Revenue is liable to be dismissed.
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