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2017 (12) TMI 1870 - BOMBAY HIGH COURTDisallowance u/s 14A read with Rule 8D - mandation to recording satisfaction - ITAT upholding CIT(A)'s order of deleting addition - ITAT deleted addition - HELD THAT:- Whether the satisfaction of the Assessing Officer u/s 14A(2) that the disallowance offered by the Assessee, having regard to the Accounts, is not correct, is a sine-qua-non before invoking Rule 8D(2) of the Income Tax Rules. It is also an agreed position that it is so, in view of the decision of the Supreme Court in Godrej & Boyce Manufacturing Co. Ltd[2017 (5) TMI 403 - SUPREME COURT] - Thus, no fault can be found with the impugned order. Character of the income derived - income derived from letting out of the premises of the I.T. Park - 'Business Income' or income from property - HELD THAT:- Revenue states that he is not pressing this question in view of the CBDT Circular No.16 of 2017 dated 25th April, 2017 as clarified that income arising from the letting out of the premises in an Industrial Park/ SEZ, are to be charged under the head 'Profits and gains of business' and not under the head 'Income from house property'
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