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2015 (2) TMI 397 - AT - Income TaxAssessment of the rental income - ‘income from house property’ OR 'business income' - entire building was leased to tenants registered under the Software Technology Parks Scheme. Amenities/services by way of standby power (DG set), air conditioning, water storage and supply (both for drinking and general purposes), fire fighting, lifts, cables for communication and CCTV, were also provided by the assessee - Held that:- The same being essentially rental income from a house property, the fact of it being carried on in an organized manner, by an entity which is incorporated, and perhaps for that purpose, would by itself be of no moment; the said activity or business being categorized as a separate source of income, i.e., from house property, under the Act. The ratio of the decision in the case of CIT vs. Shambhu Investments P. Ltd. [2001 (3) TMI 77 - CALCUTTA High Court], since upheld by the apex court in [2003 (1) TMI 99 - SUPREME Court] would squarely apply in the facts and circumstances of the present case. The impugned income, thus, in our view is assessable u/s.22 of the Act. - Decided against the assessee. Eligibility of the said income u/s.80-IA(4)(iii) - Held that:- assuming its maintainability, the location of the building, as pointed out by the ld. CIT(A), would be of little relevance in determining the nature of the income there-from, or its assessability under the Act, so that the fact of its location in a notified industrial park, or being let to entities falling in a particular class or industry/s, is by itself largely irrelevant and of little moment. At this stage, however, the ld. AR would inform us that it is not the case of the assessee owning a building, but of the said building itself being a notified park, toward which deduction u/s.80-IA(4)(iii) stands provided for by the statute, drawing our attention to the said Notification (No. 191/2006 dated 24.07.2006) issued by the CBDT u/s.80-IA(4)(iii) to the assessee (PB pgs. 1-3), and the letter by the CBDT to the assessee company conveying the said Notification (PB pgs. 4-8) as well as the communications in its respect to the assessee dated December 5 and 20, 2006. If the assessee’s building is itself a notified park, which it is operating and maintaining, as claimed, the matter would have to be necessarily examined in that light. There having been no such examination, which has all through been considered as a case of building located in a software park let to software units, i.e., providing IT and IT enabled services, we only consider it fit and proper that the matter is restored back to the file of the ld. CIT(A) for re-adjudication in light of the facts being now exhibited before us. - Decided in favour of assessee for statistical purposes.
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