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2016 (12) TMI 1397 - AT - Income TaxNature of Rental income - Assessment of income derived from the business of operation and maintenance of information Technology Park as "Income from house property"- Held that:- The main business of the assessee is to create the infrastructure and let out the same to earn income therefrom. Therefore, the decisions in the cases of CIT vs. Chennai Properties & Investments Ltd [2015 (5) TMI 46 - SUPREME COURT ] and Rayala Corporation (P) Ltd [2016 (8) TMI 522 - SUPREME COURT ] are clearly applicable. Respectfully following the same, we allow assessee’s appeal and direct the AO to treat the income from letting out and operation of the property as “income from business” and allow the expenditure and other claims in accordance with the law. - Decided in favour of assessee.
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