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2016 (5) TMI 1158 - AT - Income TaxLease receipts received - assessed under the head ‘business’ or ‘house property’ - Held that:- The Government of Andhra Pradesh has allotted 150 acres of the appellant for development of Biotechnology Park, the appellant developed the Park, constructed the premises, provided required facilities and is exploiting the entire premises as a commercial venture. Therefore, the income is to be assessed under the head ‘business income’. We arrive at irresistible conclusion that in this case, letting of the properties is in fact is the business of the assessee. The assessee therefore, rightly disclosed the income under the Head Income from Business. It cannot be treated as ‘income from the house property’. - Decided in favour of assessee
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