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2013 (7) TMI 420 - HC - Income TaxDeduction u/s 80IA(4)(iii) - Towers in the Industrial Park rented out for software concern - CIT[A] held that irrespective of the character of the receipt, the deduction was available to assessee - Tribunal rejected the deduction - Held that:- First Appellate Authority held that income received by the assessee was to be assessed as income from business only - Commissioner of Income Tax (Appeals) pointed out that the approval of the Ministry stated that the assessee was eligible for deduction under Section 80IA (4)(iii) - Head under which income is assessed is not relevant for the purpose of claiming exemption under the Act - When the Revenue had accepted the view of the Commissioner of Income Tax (Appeals) on Section 80IA that the assessee had complied with Section 80IA(4)(iii) of the Act, there remains nothing for an enquiry either as to the nature of the receipt or for that matter the facilities developed to be treated as an industrial park to consider the question of deduction under Section 80IA(4)(iii) of the Act - Order of the Tribunal is set aside - Following decision of COMMR. OF INC. TAX v. COCANADA RADHASWAMI BANK LTD [1965 (4) TMI 11 - SUPREME Court] - Decided in favour of assessee.
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