Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (12) TMI 799 - AT - Income TaxCharacterization of income - income of assessee from operation and maintenance of Information Technology Park - as income under the head ‘Profits and Gains of business or profession or Income from house property - HELD THAT:- As decided in own case [2019 (8) TMI 1619 - ITAT MUMBAI]Assessee is engaged in the business of developing properties and specially developed Information Technology Park in Chennai. The assessee has leased out the building to M/s. Amazon Development Centre India Private Limited and others by way of lease agreements and also entered into a special agreement for providing for amenities and facilities, which have been treated as ‘business income’. We further observe from the perusal of Object Clause in the Memorandum of Association and Articles of Association that it has been clearly stated that it is the business of assessee to buy, sell, construct and lease-out the properties. Ld.CIT(A) has passed a very reasoned order after following the orders of coordinate benches. We therefore do not find any infirmity in the order of CIT(A) and the same is affirmed by dismissing the ground of Revenue. This Ground of appeal raised by Revenue is dismissed.
|