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2020 (8) TMI 155 - HC - Income TaxEntitled to deduction u/s 80IA (4)(iii) on rental income - income derived from letting out of property to tenant for the purpose of running technological park is income from business and not income from house property - HELD THAT:- The burden of the argument for the Revenue, perhaps emanated from only the name of the company, forgetting that the main business activity of the company from its motor business had been diversified into developing a special kinds of property and earning lease rental income as its main business income. By no stretch of imagination, could a software park developed with the special facilities and amenities for software companies, be earning rental income as income from house property. The Tribunal not only relied upon an earlier decision of Elnet Technologies Ltd. [2012 (11) TMI 671 - MADRAS HIGH COURT] but also having considered all these aspects in great detail, the Division Bench of this Court to which one of us (VKJ) was a member, in M/s. PSTS Heavy Lift and Shift Ltd. had clearly held that where the main business of the company is to earn rental income as its business income, the income would be taxable under the head “Income” entitling the petitioner Assessee to have the deductions of notional expenses like depreciation and special deductions like Section 80IA - Decided against revenue.
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