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2016 (3) TMI 867 - ITAT HYDERABADDenial of relief under Section 80IA(4) - AO denied exemption u/s 80IA(4)(iii) on the ground that the building-in-question had been constructed prior to 15-09-1999 and that Assessee had been already deriving rental income from it - Held that:- deduction can be allowed only if there is income from the head Business. Sub-Section (4) applies to any enterprise carrying on business of (i) developing or (ii) operating and maintaining (or) (iii) developing, operating and maintaining any infrastructure facility which fulfills the conditions laid down. Since Assessee has not challenged the head of income under which income was directed to be assessed, nature of income has been crystallized as ‘income from house property’. The provisions Section 80-IA does not apply to the income from house property. As Assessee has accepted the incomes as ‘income from house property’, question of allowing deduction u/s. 80-IA does not arise. In view of this, the above grounds raised have become academic. Moreover, AO did not make any enquiry into the present state of affairs of Assessee establishing a Cyber Centre as ‘Industrial Park’ and the extent of property leased and the nature of incomes earned which may effect in claim of deduction. In our view further enquiry may be required, if the claims are to be allowed. Since incomes are assessed under the head ‘income from house property, there is no need to set aside the orders of AO and CIT(A) on the issue of claim under Section 80IA and adjudicate the claim. - Decided in favour of assessee for statistical purposes.
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