TMI Blog2014 (9) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - ITA No. 1709/Mds/2013 And C.O.No.162/Mds/2013 - - - Dated:- 11-9-2014 - Dr. O.K.NARAYANAN AND SHRI VIKAS AWASTHY, JJ. Appellant by : Shri N. Rengaraj, IRS, CIT Respondent by : Shri K.R.Girish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hands of the assessee as business income. 3. As stated in the object clause of the assessee company, the main object of the assessee is to carry on all or any other business in India and elsewhere relating to management, marketing, consultancy, conceptual and detailed designing, developing, constructing, controlling, promoting, establishing and maintaining information technology parks, industrial parks and other projects with factories, commercial offices, residential complexes and other allied facilities, amenities and execution of turnkey projects and all matters ancillary thereto. In this context, ITAT, Bangalore Bench has considered a case relating to the assessee company s associate in ITO vs. Information Technology Park Ltd., 49 SO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Court has held that it was a case of letting out the property. In the case of Chennai Properties Investments Ltd., 266 ITR 685, the assessee was owning two buildings and was receiving rental income from them. As rightly held by the Commissioner of Income-tax(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 . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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