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2016 (8) TMI 1506 - AT - Income TaxDeduction under Section 80-IA - Classification of rental income received by the assessee - rental income received by the assessee by letting out the property - “income from house property” or “income from business” - HELD THAT:- Assessee admittedly developed a technology park by name “Olympia Tech Park”, which is exclusively meant for developing software and I.T. enabled services. The assessee, apart from the building, has also provided infrastructure facilities such as specialized air-conditioners, specialized cabling, specialized electrical fittings, specialized furniture in the form of business modules, etc. Therefore, it has to be construed as infrastructure facility with all specifications and requirements. CIT(Appeals) has rightly placed reliance on the judgment of Madras High Court in Elnet Technologies Ltd. [2012 (11) TMI 671 - MADRAS HIGH COURT] - As rightly submitted by assessee, the judgment of Madras High Court in Chennai Properties & Investments Ltd. [2003 (3) TMI 28 - MADRAS HIGH COURT] was reversed by the Apex Court [2015 (5) TMI 46 - SUPREME COURT]. The Apex Court found that when the assessee let out the property as business, the rental income has to be assessed as income from business. Therefore, this Tribunal is of the considered opinion that the CIT(Appeals) has rightly allowed the claim of the assessee. Disallowance u/s 14A - Only contention of the assessee that the investment in deep discount bonds does not result in any exempted income and the income from deep discount bonds is taxable - HELD THAT:- No details of investments said to be made by the assessee which earned taxable income are available either before the Assessing Officer or before this Tribunal. Moreover, the so-called investments in subsidiary companies are also not available on record. In the absence of any such details either before this Tribunal or before the CIT(Appeals) or before the Assessing Officer, the claim of the assessee that the investment made in deep discount bonds and subsidiary companies has to be excluded cannot be accepted. When the assessee claims that investment in deep discount bonds resulted in taxable income, it is for the assessee to file necessary material to substantiate its case. In the absence of any such material, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed.
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